Property rights need to be secure
A) to promote economic development.
B) to encourage environmentalism.
C) to promote an equal distribution of income.
D) all of these choices.
A
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The table above gives data for the nation of Mosh. If real GDP is $6 trillion, then
A) firms increase production because inventories are less than their target levels. B) the economy has reached equilibrium and no change in production will occur. C) firms increase production because inventories exceed their target levels. D) firms decrease production because inventories exceed their target levels. E) We need more information to determine whether firms increase, decrease, or do not change their production.
An increase in foreign investment in Brazil's mining industry will increase the capital stock in Brazil. All else equal, as the capital stock increases, the marginal product of capital (MPK) will
A) increase due to diminishing marginal returns. B) decrease due to diminishing marginal returns. C) increase since capital is not subject to diminishing marginal returns. D) decrease since capital is not subject to diminishing marginal returns.
Monopoly as a market structure leads to
a. prices equal to average cost. b. quick response to economic change. c. prices that equal minimum long-run average cost. d. persistent economic profits.
One reason why the aggregate supply curve might shift to the left is that:
a. Government spending has increased b. Consumer incomes have increased c. Per unit production costs have increased d. Businesses have become more optimistic