Whenever one variable increases, another variable decreases. The two variables are
A) definitely related through a third variable.
B) negatively related.
C) positively related.
D) unrelated to each other.
B
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The figure above shows a production possibilities frontier. In the figure, which of the following combinations of the two goods cannot be produced with the current resources and technology?
A) 5 million cell phones and no DVDs B) 1 million cell phones and 14 million DVDs C) 4 million cell phones and 4 million DVDs D) 3 million cell phones and 5 million DVDs E) 2 million cell phones and 13 million DVDs
Suppose a good has an external benefit and no external cost. When a competitive, unregulated market is at its equilibrium, then the
A) marginal private benefit is less than the marginal social benefit. B) marginal private benefit is greater than the marginal social benefit. C) marginal private cost is less than the marginal social cost. D) marginal private cost is greater than the marginal social cost.
If you purchase a good on credit, you are:
A. incurring a real liability to acquire a real asset. B. incurring a financial liability to acquire a real asset. C. exchanging a financial asset for another financial asset. D. exchanging a financial liability for a real liability.
An economist observes that a monopolist does not take full advantage of its market power. She concludes that there must be some rational reason for this behavior that she has not yet discovered. This economist is most likely to be a(n):
A. behavioral economist. B. traditional economist. C. irrational economist. D. engineering economist.