In the above figure, no relationship between x and y is shown in Figure
A) A.
B) B.
C) C.
D) D.
E) A and Figure B.
C
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Which of the following statements is true?
A) Production in a perfectly competitive market is efficient because resources in the market leave those sectors in which price cannot cover their costs of production and enter those sectors where price can cover their costs of production. B) Production in a perfectly competitive market is suboptimal because absence of free entry and exit of firms allows firms to specialize in only one particular industry. C) Production in a perfectly competitive market is Pareto inefficient because the government or a central planner carefully analyzes the needs and requirements of the society and instructs firms on what to produce and in what quantity. D) Production in a perfectly competitive market is Pareto efficient because the government or a central planner carefully analyzes the needs and requirements of the society and instructs firms on what to produce and in what quantity.
Utility is:
A. useful in comparing the relative satisfaction different consumers get from a particular good. B. useful in predicting when to put an item on sale. C. useful in quantitatively describing a person's preferences for one good over another. D. an interesting concept, but not really useful for anything.
Suppose you believe that plaid flannel shirts are an inferior good, and want to test this with economic data. You expect to find that the income elasticity for plaid flannel shirts is:
A. greater than zero, but less than one. B. greater than one. C. less than zero. D. close to zero.
Selling Treasury bonds to finance a federal deficit crowds out private investment by driving interest rates down.
a. true b. false