The minimum point of a U-shaped curve
A) is a point where the variable is neither increasing nor decreasing.
B) has a slope equal to zero.
C) has the maximum slope possible.
D) Both answers A and B are correct.
E) Both answers A and C are correct.
D
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Private markets fail to reach a socially optimal equilibrium when positive externalities are present because the
a. private benefit equals the social benefit at the private market solution. b. private cost exceeds the private benefit at the private market solution. c. social value exceeds the private value at the private market solution. d. private cost exceeds the social benefit at the private market solution.
For this question, ignore tax considerations of each of the following. Assume that consumption decisions are made according to the permanent income theory. Which of the following would lead to the smallest increase in current consumption?
A) winning $10,000 in the lottery B) inheriting $10,000 from a relative C) obtaining $10,000 by winning a lawsuit D) getting a one-time $10,000 bonus from your employer E) all of the above
A commodity speculator who thinks next fall's corn harvest will actually be much larger than most people now anticipate will want to
A) buy corn now for sale in September. B) buy September corn futures. C) buy land suitable for growing corn. D) sell September corn futures. E) sell corn in September from stocks accumulated between now and September.
A trend that has been reinforced by many developing countries is privatization. Privatization refers to
A) purchasing large companies and turning them into state-owned enterprises. B) investing government money in large, privately-owned companies. C) exchanging bonds for shares in state-owned enterprises. D) selling large state-owned enterprises to private owners in the financial sector. E) selling large state-owned enterprises to private owners in key areas such as electricity, telecommunications, or petroleum.