In a society with market failure, there
a. is no pollution
b. are no public goods
c. is an inefficient allocation of resources
d. are no markets
e. is no need for a government
C
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The Federal Reserve appears to tighten monetary policy after a trough __________ it eases policy after a peak in the business cycle
A) sooner than B) after about the same length of time as C) later than D) no sooner or later than
The market labor supply curve is
a. the sum of individual labor supply curves at each quantity of labor b. the sum of individual labor supply curves at each wage rate c. the average of all individual labor supply curves d. the sum of the upward-sloping portions of individual labor supply curves e. the sum of the downward-sloping portions of individual labor supply curves
In a one-person Robinson Crusoe economy, labor specialization
a. can shift the production possibilities curve to the right b. is already present because Crusoe produces everything himself c. can decrease production of all types of goods d. cannot increase production e. is impossible
The total cost function is TC = Q3 - 6Q2 + 14Q + 75. When does diminishing returns to production set in?
What will be an ideal response?