A competitive equilibrium is described by
A) a price only.
B) a quantity only.
C) the excess supply minus the excess demand.
D) a price and a quantity.
D
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Marginal utility can be
A. positive, but not negative. B. positive, negative, or equal to zero. C. decreasing, but not negative. D. positive or negative, but not equal to zero.
Points lying below a production possibilities curve are:
A) inefficient because more can be produced with the available resources. B) inefficient because they represent the production of only one good. C) efficient because combinations represented by those points are attainable. D) efficient because production is maximum on those points with the available resources.
Most goods are:
A. nonrival in consumption. B. exclusive. C. rival in consumption. D. public goods.
In the past 50 years, the economy of the United States grew, causing
A. a lower standard of living after adjusting for inflation. B. a higher standard of living for most citizens. C. a stagnant standard of living after adjusting for inflation. D. a higher standard of living for the employed.