In a decreasing cost industry, the
a. long-run supply curve is horizontal
b. short-run supply curve slopes downward
c. long-run demand curve slopes upward
d. long-run supply curve slopes downward
e. long-run supply curve slopes upward
D
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According to the functional distribution of income, in the United States,
A) capital earns most of the income. B) the income earned by capital and labor are approximately equal. C) labor earns most of the income. D) land earns most of the income. E) entrepreneurs earn most of the income.
When and under what circumstances is intervention in international trade justified on market correction grounds? What preconditions would have to be met from the government side for there to be a reasonable likelihood of success?
What will be an ideal response?
In the model of public goods
A) government spending is pure waste B) private consumption and government spending are equal. C) consumers benefit from private goods and public goods. D) the government provides goods at no cost to the public.
According to the above table, which assumes that opportunity costs of producing goods X and Y are constant, the opportunity cost of producing one unit of Good X is ________ units of Good Y for Chen and ________ units of Good Y for Holly
A) 25; 100 B) 0.5; 2.5 C) 2; 0.4 D) 100; 25