Efficiency occurs if the:
A. government does not interfere with market prices.
B. market is in equilibrium.
C. individually rational quantity of goods and services is being produced.
D. socially optimal quantity of goods and services is being produced.
Answer: D
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The record of international receipts and payments is called the
A) official settlements account. B) balance of payments. C) U.S. official reserves. D) current account. E) capital and financial account.
In the long run, competitive firms MUST be profit maximizers because if they do not maximize profits,
A) they will not survive. B) they will not be price takers. C) they will attract entry. D) the profits that they do earn will only cover variable costs.
A main trading partner with the U.S. is:
A. South Africa. B. Mexico. C. Russia. D. Saudi Arabia.
Vito attends college and works part-time job as a waiter. He can work up to 40 hours each week at his job, which pays $8 per hour. The table below shows his utility from different levels of leisure and income. Vito is currently working 20 hours per week. If Vito decides to work 30 hours instead, what will be his marginal utility loss from having less leisure?
a. 34
b. 24
c. 10
d. 18