The "Money Tower of Babel" mentioned in the text refers to
a. the fact that there is too much money floating on the foreign exchange market
b. the fact that countries have their own currencies
c. the multiple exchange rates for each currency
d. the foreign currencies used to strengthen economies
e. too much money servicing international trade creates international inflation
B
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If, in a competitive market, marginal benefit is less than marginal cost
A) the government must force producers to raise prices in order to achieve economic efficiency. B) the output is greater than the equilibrium quantity. C) the output is less than the equilibrium quantity. D) the net benefit to consumers from participating in the market is less than the net benefit to producers.
The ___________are increasing returns, diminishing returns, and negative returns.
Fill in the blank(s) with the appropriate word(s).
A monopoly would have a concentration ratio of
A. 1. B. 4. C. 100. D. 1,000.
The table below shows how the output of surfboards varies in a small factory with the number of workers used per day. Based on these data, the marginal product of workers in the factory
a. increases steadily as more workers are employed. b. will be the same, no matter how many workers are employed. c. is at a maximum when 5 workers are employed. d. will start to decline when a third worker is employed.