The question of "How are goods and services produced?" most closely addresses which of the following issues?
A) Why are Christmas trees popular only in December?
B) Should contractors build residential housing or shopping malls?
C) Is income distributed fairly in the United States?
D) Should Ford build SUVs or luxury cars?
E) Should Ford use expensive industrial robots or inexpensive Mexican autoworkers to produce SUVs?
E
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The marginal social cost curve ________ when production involves negative externalities
A) is parallel to the horizontal axis B) is parallel to the demand curve C) lies above the supply curve D) lies to the right of the supply curve
Which model is used to evaluate the effects of macroeconomic policy such as tax cuts?
A. Aggregate demand and aggregate supply B. Demand and supply C. Game theory D. Circular flow.
What is one reason the United States produces luxury cars such as the Chevy Corvette but still does not provide health care for all individuals?
A. Total surplus in the United States is too low. B. Providing health care for all individuals is always inefficient. C. Income is highly unequally distributed in the United States. D. Government manages the health care system.
Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5 both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both
Camille's and Julia's to: A. raise their price and reduce their quantity supplied. B. raise their price and increase their quantity supplied. C. lower their price and reduce their quantity supplied. D. lower their price and increase their quantity supplied.