Refer to Figure 3-1. An increase in the price of the product would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
B
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The slope of an isocost line determines the marginal rate of substitution
Indicate whether the statement is true or false
China exports more services than India
Indicate whether the statement is true or false
The Federal Reserves responses to the financial crisis that began in 2007 include:
a. cautious cuts in the Federal funds rate. b. large expansions of credit. c. underwriting lending in many markets. d. All of the above are correct. e. Only b and c are correct.
Market failure occurs when
a. an optimal allocation of society's resources is not achieved b. negative externalities are taken into consideration c. positive externalities are taken into consideration d. government failure is at its worst e. all social costs are included in the prices of goods and services