The alternative to voluntary exchange is:
A. self-sufficiency.
B. dependency.
C. cooperation.
D. marginal analysis.
Answer: A
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
At the minimum efficient scale
A) all possible economies of scale have not been exhausted. B) marginal cost is at its minimum. C) the firm has achieved the lowest possible average cost of production. D) any increases in the scale of operation will encounter further economies of scale.
According to the search model, a computerized used car search service should
a. reduce the amount of search b. not affect the amount of search c. increase price dispersion d. reduce price dispersion e. lower the marginal benefit of search
Which of the following groups would be most likely to benefit from a tariff on Japanese-manufactured light trucks (i.e., pickup trucks)?
A. U.S. firms that export products to Japan B. U.S. domestic pickup truck manufacturers C. U.S. consumers of pickup trucks D. Japanese auto workers