Which of the following economies is an example of a mixed system?
a. The United States. b. The United Kingdom.
c. Sweden. d. All of these.
d
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Refer to Figure 5-4. What does S1 represent?
A) the market supply curve that reflects private cost B) the market supply curve that reflects only private benefit C) the market supply curve that reflects only external cost D) the market supply curve that reflects social cost
Farming in the New England colonies tended to be
(a) large scale. (b) worked by slaves. (c) small scale and worked by members of the family. (d) exported to England and its trading partners for high profits.
Does a competitive long-run equilibrium require cost-minimization?
A) Yes, if firms fail to be as efficient as their competitors, they are driven out of the market. B) No, in the long run, firms make zero profits. C) Yes, if they didn't, even less efficient firms would enter the industry. D) No, because competition ensures their survival.
The slope of the production possibility frontier shows:
a. the marginal rate of substitution between the two goods. b. the relative marginal costs of the two goods. c. the efficient combination of outputs possible using fixed amounts of input. d. the relative marginal productivities of the two goods.