Specializing and participating in international trade allows and economy to:
a. divert high-skilled resources toward low-valued services
b. circumvent the output limits imposed by its own production possibilities curve
c. get more of a desired good by sacrificing greater amounts of some other good
d. increase the quantities of capital and consumer goods available to society
Answer: B & D.
b. circumvent the output limits imposed by its own production possibilities curve
d. increase the quantities of capital and consumer goods available to society
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Which of the following falsely describes a nondiscriminating monopolist at profit maximization?
a. Price is greater than marginal cost. b. Economic profit is always positive. c. Marginal revenue is equal to marginal cost. d. Marginal revenue will typically be less than price. e. Average total cost will not be at a minimum.
If the market interest rate decreases, then there will be _____
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A) about as; fewer B) about as; more C) much more; fewer D) much more; more
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A. 1. B. 2. C. 4. D. 9.