An allocation of resources is technically efficient if:
a. it is impossible to increase the output of a particular good.
b. it is possible to increase the output of all goods.
c. it is impossible to increase the output of one good without cutting back on the production of something else.
d. it is possible to increase the output of one good.
c
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The use of government regulations and barriers in order to control trade is referred to as:
A) globalization. B) protectionism. C) liberalization. D) actualization.
Total utility is maximized whenever
A. marginal utility is zero. B. marginal utility is increasing. C. marginal utility is decreasing. D. marginal utility is constant.
Net exports of goods and services equal the
A) exports of goods and services divided by the imports of goods and services. B) exports of goods and services plus the imports of goods and services. C) exports of goods and services minus the imports of goods and services. D) imports of goods and services minus the exports of goods and services.
A $10 per unit government subsidy paid directly to sellers of heaters will result in
a. a downward shift in the demand curve for heaters by $10. b. an upward shift in the demand curve for heaters by $10. c. a downward shift in the supply curve for heaters by $10. d. an upward shift in the supply curve for heaters by $10.