Improvements in the level of technology will generally shift the production function downward
a. True
b. False
Indicate whether the statement is true or false
False
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A perfectly competitive firm's marginal revenue exceeds its marginal cost at its current output. To increase its profit, the firm will
A) lower its price. B) raise its price. C) decrease its output. D) increase its output.
Banks are required to hold reserves against the total value of all their assets
a. True b. False Indicate whether the statement is true or false
The allocatively efficient amount of pollution prevention would occur when
a. the total social benefits of pollution prevention equals the total social costs of pollution prevention b. the total social costs of pollution prevention are minimized c. the marginal social benefits of pollution prevention equals the marginal social costs of pollution prevention d. none of the above
Which of the following would one expect if there were no trade in goods but resources were free to move among countries?
a. Labor will immigrate from the capitalabundant country. b. Labor will emigrate to the capitalabundant country. c. Labor will emigrate to the capitalscarce country. d. Labor will immigrate from the capitalscarce country.