Which statement is false?
A. The AFC curve is U-shaped.
B. The AVC curve is U-shaped.
C. The ATC curve is U-shaped.
D. None of these statements are false.
A. The AFC curve is U-shaped.
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In France, two qualities of wines are produced - table wine sold in bulk (bring your own bottle) and a higher quality of wine. Suppose that the English import all their wine from France. Then, we would we expect to find, on average that
a. the English drink more of the higher quality of wine, because transportation costs will lower the relative price of high-quality wine relative to table quality wine. b. the English will drink more table quality wine, because transportation costs will raise the relative price of table quality wine to high-quality wine. c. the French will drink more of the high quality wine because transportation costs reduce demand for wine in England. d. the French will drink more of the high quality wine because the wine is produced there.
The United States experienced _______________ from 1930 to 1933.
A. stagflation B. inflation C. deflation D. budget surpluses
Which of the following is not a reason why government officials are willing to impose entry barriers?
A) to increase economic efficiency B) to raise revenue C) to promote an equitable distribution of income D) to encourage innovation which may improve the standard of living in the long run
Causes of market failure include
a. externalities and market power. b. market power and incorrect forecasts of consumer demand. c. externalities and foreign competition. d. incorrect forecasts of consumer demand and foreign competition.