Level of economic prosperity
a. standard of living
b. privatize
c. economic system
d. self-interest
e. factor payments
Ans: a. standard of living
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If the MC of polluting decreased, then what would happen to the optimal level of pollution?
A. Stay the same B. Unsure C. Increase D. Decrease
Which of the following occurs when an economic activity has a spillover benefit on third parties not engaged in the activity?
A) An economic profit B) A positive externality C) A gain in producer surplus D) A gain in consumer surplus
The owners will shut down a perfectly competitive firm if the price of its good falls below its minimum
A) average total cost. B) average marginal cost. C) average variable cost. D) wage rate.
The potential for profit-increasing false advertising is greatest for which of the following goods?
A) disposable diapers B) a refrigerator C) laundry detergent D) spray window cleaner