A technological improvement in the production of good X causes the:
A. demand curve for X to shift to the right.
B. demand curve for X to shift to the left.
C. supply curve for X to shift to the right.
D. supply curve for X to shift to the left.
Answer: C
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If a firm in the long run produces less than its efficient scale, it
A) should raise its markup to increase its profit. B) should lower its markup to increase its profit. C) cannot be a perfectly competitive firm. D) should not advertise to increase its profit. E) must have its markup equal to zero.
When the consumption of a good creates an external benefit,
A) the marginal social cost curve lies below the marginal private cost curve. B) the marginal social benefit curve lies above the marginal private benefit curve. C) the quantity produced in an unregulated, competitive market is greater than the efficient quantity. D) None of the above answers is correct.
The financial crisis that began in late 2007 ended which era?
A. The Great Recovery B. The Golden era C. The Great Moderation D. The Great Recession
The question "Should children receive free lunch at school?" is an example of which fundamental economic question?
A. The What to Produce question. B. The Why to Produce question. C. The How to Produce question. D. The For Whom to Produce question.