Use the figure below to answer the following question.
If the output level increases from Q2 to Q3, then the marginal cost of the product
A. increases while its marginal benefit decreases and the market no longer achieves allocative efficiency.
B. stays constant while its marginal benefit increases and the market no longer achieves allocative efficiency.
C. increases while its marginal benefit decreases and the market achieves allocative efficiency.
D. becomes closer to its marginal benefit and the market achieves allocative efficiency.
Answer: A
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The economic growth model predicts that ________ across countries will converge over time
A) growth rates B) income levels C) GDP per capita D) foreign direct investment rates
The basic difference between government spending on public goods and government transfer payments is that spending
a. on public goods reallocates resources between the public and private sectors, while spending on transfer payments does not b. on transfer payments reallocates resources from the private to the public sector, while spending on public goods does not c. on public goods reallocates resources between the public and private sectors, while transfer payments reallocate resources from the public to the private sector d. on public goods reallocates resources between different levels of government spending, while spending on transfer payments reallocates resources from the privatesector to the public sector e. on public goods reallocates resource from the private to the public sector, while spending on transfer payments reallocates resources from the federal government tostate governments
________ refers to the revenue earned from coinage by a sovereign government when the face value of the coinage exceeds the cost of producing the coinage
a. Treason b. Piracy c. Inflation d. Seignorage
Answer the following questions true (T) or false (F)
1. Agricultural economics is an applied social science. 2. The U.S. economy represents a mixture of capitalism and socialism. 3. The U.S. economy represents a purely capitalistic system.