How does supervision benefit team production?
In team production, all members must combine their efforts, but it is hard to monitor the effort and productivity of any one member. Incentives to shirk may be so strong that all members can benefit if a boss monitors their efforts and apportions their rewards.
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Which of the following will take place in the foreign exchange market if there is an increase in the demand for products made in the United States?
A) The supply of dollars will decrease. B) The demand for dollars will decrease. C) The demand for dollars will increase. D) The dollar will decrease in value.
Answer the following statement true (T) or false (F)
1) The efficiency loss of a tax is the tax revenue collected by government minus the value of the public goods financed through the tax. 2) The greater the elasticity of demand and supply, the greater is the efficiency loss of a tax. 3) Economists agree that corporations always shift the corporate income tax to consumers by raising product prices. 4) Although state and local taxes are highly progressive, federal taxation is predominantly
Minimum efficient scale
A. is the lowest rate of output per unit of time at which long-run average costs reach a minimum for a particular firm. B. is the point at which diseconomies of scale begin for a particular firm. C. is the point at which economies of scale begin for a particular firm. D. applies only to firms with U-shaped long-run average cost curves.
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A