Suppose MRS does not equal MRT for all consumers. In this case, the economic outcome is not fully efficient because:
A) exchange is inefficient.
B) the use of inputs in production is inefficient.
C) the mix of outputs in inefficient.
D) none of the above
C
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All of the following are intangible except: a. health
b. love. c. computer programming expertise. d. All of the above are intangible goods.
The opportunity cost of producing one bushel of coffee in Brazil is
A. 1/2 bushels of a hot dog.
B. 20 bushels of hot dogs.
C. 2 bushels of hot dogs.
D. 1/2 of a bushel of coffee in Columbia.
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Suppose the labor force in Tiny Town is 100 people. If the ________ in Tiny Town is 150 people, the labor force participation rate equals ________ multiplied by 100
A) working age population; 100/150 B) working age population; 100/250 C) number of employed persons; 100/250 D) number of employed persons; 100/150