If the demand for British pounds increases,
a. the equilibrium price of the pound will increase
b. the equilibrium price of the pound will decrease
c. the equilibrium price of the pound will not change
d. the equilibrium price of the pound will change, but we need additional information to predict the direction of the change
e. no one can predict what will happen
A
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Linus has just watched two hours of TV. We can say:
A. his second hour of watching TV likely reduced his total utility. B. his second hour of watching TV likely added less to his total utility than did the first. C. if he watches a third hour it will likely decrease his total utility. D. if he watches a third hour it will likely increase his total utility by at least as much as the second.
As a general rule, technological progress
a. shifts the production possibilities curve outward, away from the origin. b. reduces the slope of the production possibilities curve, making it flatter. c. increases the slope of the production possibilities curve, making it steeper. d. shifts the production possibilities curve inward, toward the origin.
A monopolist is producing at an output level at which MR = $50 and MC = $55. It could increase profits
A. by reducing output and by increasing price. B. by increasing output and by reducing price. C. by increasing both output and price. D. by reducing both output and price.
All taxes change behavior and distort economic choices.
Answer the following statement true (T) or false (F)