A society that relies on a market-based economy will always protect the natural environment.
Answer the following statement true (T) or false (F)
False
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Which of the following accurately depicts the situation of India's trade in services and what it might mean for the global economy?
A) It is not perceived as threatening to the industrialized nations so it is likely to grow without any impact. B) Because it is nothing new, other economies have had time to adjust. C) It creates only harm to other national economies. D) It may lead to protectionist sentiment and policies in other nations as comparative advantages shift.
If the federal government were to run a budget surplus, this would
a. increase the size of the national debt. b. reduce the size of the national debt. c. leave the size of the national debt unchanged. d. decrease the national debt only if the government also reduces the supply of money.
If elasticity of demand is 0.2, elasticity of supply is 0.5, and a 10 percent excise tax is levied on the good:
A. the tax burden on consumers will be greater. B. the tax burden on suppliers will be greater. C. the tax burden will be the same for both. D. one cannot say who will bear the greater burden without knowing the tax.
Which of the costs discussed in the chapter is the most important when a firm is deciding how much to produce?
A. Marginal cost because this cost shows the additional cost associated with producing one more unit of output. Firms will use this information to decide to produce more or less output. B. Variable costs because these costs change as output changes. If the firm wants to maximize profits, it will choose to produce a quantity where variable costs are minimized. C. Fixed costs because these costs are spent and cannot be changed in the time period under consideration. If fixed costs are higher, the firm will choose to produce more output. D. Costs that are spent to improve the image of the firm. A firm will choose to increase output if it spends a large amount on advertising and brand image.