Household spending on education is counted in which component or subcomponent of GDP?
a. consumption of durable goods
b. consumption of nondurable goods
c. consumption of services
d. investment
c
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If a market is NOT perfectly competitive, then government intervention
A) is always justifiable. B) will usually decrease economic well-being. C) guarantees that societal well-being will be maximized. D) may increase economic well-being.
For which of the following types of firm does the average revenue curve coincide with the marginal revenue curve?
a. A monopolist b. An oligopoly firm c. A monopolistically competitive firm d. A perfectly competitive firm e. A monopsonist
Increases in income from sources other than employment can cause the labor supply curve to shift to the left
a. True b. False Indicate whether the statement is true or false
If the elasticity of supply is much greater than the elasticity of demand, a subsidy awarded to demanders will
a. benefit the demanders more than the suppliers b. benefit the suppliers more than the demanders c. the benefit of the subsidy will be equally shared between the demanders and the suppliers d. allow the demanders to be the only ones who will benefit e. Without more information as to the amount of the subsidy, who will benefit more can not be determined