If the government is supplying a public good, the efficient quantity is where the:
A. total social benefit outweighs the total cost.
B. total social benefit equals the cost.
C. marginal social benefit is greater than the cost.
D. marginal social benefit equals the cost.
Answer: D
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When real interest rates in other countries rise relative to those the United States, all else held constant, we would expect the U.S. dollar to ________.
A. inflate B. depreciate C. appreciate D. deflate
The supply curve for a perfectly competitive firm is the portion of its marginal cost curve that lies above the average variable cost curve
Indicate whether the statement is true or false
A person has a comparative advantage in producing a good if:
a. that person can produce the good at a lower absolute cost than anyone else. b. that person can produce the good at a lower opportunity cost than anyone else. c. that person has a perfectly elastic demand curve for her good. d. that person spends less on advertizements. e. that person can produce the good at a higher opportunity cost than anyone else.
The subjective measure of the physical and mental satisfaction that is anticipated from consumption is called
A. demand. B. supply. C. recognition. D. utility.