The main reason that the United States has such a high standard of living is
A. high government budget deficits.
B. low inflation.
C. low unemployment.
D. high average labor productivity.
Answer: D
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At the current quantity of pizza, the marginal social benefit is greater than the marginal social cost. Then
A) the number of pizzas produced is efficient. B) more pizzas must be produced to reach the efficient level. C) fewer pizzas must be produced to reach the efficient level. D) revenue for pizza producers is maximized.
The entire marginal cost curve for a perfectly competitive firm represents its short-run supply curve
a. True b. False
The production function
A) shows the maximum level of output for a given set of inputs. B) is an economic relationship between revenue and cost. C) shows the relationship between input prices and amount of input used. D) always shows increasing marginal product of labor.
Refer to the information provided in Figure 6.15 below to answer the question that follows.
Figure 6.15Refer to Figure 6.15. Jason is not maximizing his utility at point
A. E. B. B. C. C. D. All of the above are correct.