When average variable costs are rising
A. average physical product is rising.
B. average physical product is falling.
C. marginal costs is falling.
D. marginal physical product is also rising.
Answer: B
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Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in
A) China retaliating by raising tariffs on some U.S. exports. B) China halting the sale of all products in the United States. C) U.S. firms never being able to meet the demand for U.S.-produced tires. D) the government demanding price cuts from U.S. tire manufacturers.
If Sam does not have a job and is NOT currently looking for work but has looked in the past, he is considered
A) unemployed. B) not in the labor force. C) unemployed and in the labor force. D) unemployed and not in the labor force.
If the price level increases from 110.0 to 115.0, the quantity of
A) real GDP supplied will increase. B) real GDP supplied will decrease. C) potential GDP will decrease. D) real GDP demanded will increase. E) potential GDP will increase.
Fill in the blank: According to the authors of your text, traffic congestion can be reduced by ________ the spillover costs associated with driving
A) modernizing B) estimating C) externalizing D) internalizing