If the marginal benefit of a good is less than its marginal cost, then the nation should:
A. Produce more of that good
B. Maintain the current level of production of that good
C. Reduce the marginal benefit of that good
D. Reduce the production of that good
Answer: D
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Commodity egalitarianism suggests that some goods be available to everyone.
A. True B. False C. Uncertain
The labels for the axes of the aggregate demand graph should be:
A. Quantity of a product on the vertical axis and the price of a product on the horizontal axis B. Price of a product on the vertical axis and quantity of a product on the horizontal axis C. Real domestic output on the vertical axis and the price level on the horizontal axis D. Real domestic output on the horizontal axis and the price level on the vertical axis
Products ________ in the oligopolistic market structure.
A. are always homogeneous B. are always unique C. are always differentiated D. may be homogeneous or differentiated
Joe's income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his marginal rate of transformation of food for shelter?
A) -5 B) -50 C) -.02 D) None of the above