If the above figure illustrated a perfectly competitive industry, the equilibrium market output would be equal to
A) 7.
B) 11.
C) 13.
D) 22.
C
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Refer to Table 2-15. Which of the following statements is true?
A) Jack has a comparative advantage in lawn mowing and George in garden cultivating. B) Jack has a comparative advantage in garden cultivating and George in lawn mowing. C) George has a comparative advantage in both tasks. D) Jack has a comparative advantage in both tasks.
Which of the following is not a reason for the existence of imperfect competition in health care markets?
a. easy entry into industry b. restrictions on advertising c. economies of scale d. collusion
Nondiscretionary fiscal policy relies in part on
A. spending for national defense. B. automatic changes in personal and corporate income tax receipts to stabilize economic activity. C. checks and balances established by the United States Constitution. D. "do nothing" economic policies, based on the belief that a market economy is stable and self-adjusting.
John has a math test tomorrow. He has decided to go to the gym today and then study math for several hours. Which of the following statements is TRUE?
A. John's decision on how to allocate his time is consistent with the rationality assumption since the decision is intended to make him better off. B. John's decision does not involve his pursuit of self-interest. C. John's decision on how to allocate his time is inconsistent with the rationality assumption since he has decided to go to the gym. D. John did not use the economic way of thinking because his decision on how to allocate his time did not involve money.