When all markets are in simultaneous equilibrium, the general equilibrium condition has been satisfied.
Answer the following statement true (T) or false (F)
True
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Because of diminishing returns to capital, there is a limit to the increases in average labor productivity that can be gained from additional or improved ________.
A. entrepreneurship B. physical capital C. availability of land and natural resources D. imports
Premiums based on experience ratings
a. are uniform across age groups. b. are based on the loss experience of the insured. c. vary depending on the income of the insured. d. are illegal in most states in the U.S. e. are only used in property-casualty insurance underwriting.
Which of the following is the government most likely to discourage because of the existence of externalities?
A. Foods that taste good. B. Thermal pollution from a power plant that improves fishing downstream. C. Cars that create an excessive amount of exhaust fumes. D. All goods and services produced by monopolies.
The price elasticity of demand is a measure of the:
A. absolute changes in quantity demanded and price. B. responsiveness of quantity demanded to a change in price. C. steepness or slope of a demand curve. D. sensitivity of the quantity demanded for one good to a change in the price of another good.