Division of labor
A. makes economic goods possible.
B. increases the amount of capital in the economy.
C. leads to an increase in the amount of output in the economy.
D. is not possible for service goods.
Answer: C
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One of the major reasons why the United States exports jet airplanes is because Boeing faces ________ opportunity cost compared with firms in other nations in the production of such aircraft
A) a higher B) an unrelated C) a lower D) a nonexistent E) an identical
Given the values in the table above, if the real interest rate rises from 5 to 6, the change in household saving is ________
A) negative 0.5 B) negative 1.55 C) negative 0.45 D) 1.55 E) none of the above
If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then the deadweight loss from monopoly equals
A) $21. B) $441. C) $882. D) $1,764.
Refer to the diagram. The decline in price from P 1 to P 2 will:
A. increase total revenue by D.
B. increase total revenue by B + D.
C. decrease total revenue by A.
D. increase total revenue by D - A.