Which of the following is the most liquid asset?
A) a Renoir painting
B) bonds
C) a car
D) money
Answer: D
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The reason the marginal cost curve increases as output increases for the typical firm is because
A. more productive resources must be employed as a firm increases output. B. less productive resources must be employed as a firm increases output. C. of diseconomies of scale. D. of diminishing marginal benefit.
A significant advantage to being a member of a trade bloc is
A) higher tariff collections from member countries. B) reduced or eliminated tariffs among member countries. C) reduced tariff rates only for the largest member countries. D) None of the above; there is no economic advantage to a trade bloc.
Suppose that coal producers create a negative externality equal to $5 per ton of coal. What is the relationship between the equilibrium quantity of coal and the socially optimal quantity of coal?
a. They are equal. b. The equilibrium quantity is greater than the socially optimal quantity. c. The equilibrium quantity is less than the socially optimal quantity. d. There is not enough information to answer the question.
Which of the following is the largest single component of the market basket used to compute the consumer price index (CPI)?
A. food and beverages B. housing C. transportation D. medical care