Which of the following is a primary use for national income accounts?
A. To analyze the environmental cost of economic growth
B. To assess the economic efficiency of specific industries in the economy
C. To measure changes in the value of production and income in the economy
D. To determine whether there is a fair and equitable distribution of income in the economy
C. To measure changes in the value of production and income in the economy
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If the firm is able to reduce MC from MC0 to MC1 the firm will produce at point ________ on the new demand curve and lower price to ________
A) E1; P1 B) E0; P0 C) E2; P2 D) E0 or E1; P0
The term cross-price refers to the idea that:
a. the price of one good is affecting the quantity demanded of a different good. b. the demand of one good is affecting the quantity demanded of a different good. c. the price of one good is affecting the quantity supplied of a different good. d. the supply of one good is affecting the quantity demanded of a different good.
Which of these would NOT be a factor that would permit the existence of monopoly power?
A. High levels of sunk costs B. Control of a scarce resource C. Diseconomies of scale in the production of the product D. All of these responses are correct
In market capitalism:
A) factors of production are privately owned and decisions are made privately. B) factors of production are owned by the government but decisions are made privately. C) there is no role for government. D) the consumer has few choices to make.