The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology are known as
A. Nominal GDP.
B. Production possibilities.
C. Consumption possibilities.
D. Real GDP.
Answer: B
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For the perfectly competitive firm shown in Figure 9-6,
a.
profit rises when the firm raises its price and lowers its output
b.
the profit-maximizing output level is 180 units
c.
an economic loss occurs at the profit-maximizing output level
d.
the profit-maximizing output level is 100 units
e.
the firm will earn short-run profits
If diminishing marginal returns have already set in for The Picture Perfect Framing Store and the marginal product of the fifth picture framer is 20, then the marginal product of the sixth picture framer must be
A. negative. B. zero. C. less than 20. D. greater than 20.
Dominant firms which assigned control to a single decision group, that formed in several industries in the U.S. in the 1870s and 1880s, were referred to as:
A. Trusts B. Mergers C. Tying contracts D. Single-seller monopoly
An example of an import of a service in the U.S. balance of payments would be when
A) an U.S. resident purchases a Japanese stereo. B) a Norwegian traveling in the United States rides a trolley car in San Francisco. C) a U.S. resident buying insurance from a firm in Toronto. D) a U.S. firm purchases 100 shares of a Dutch firm.