If the price of a commodity increases, you can usually expect the:
A. quantity supplied to decrease.
B. supply to increase.
C. quantity supplied to increase.
D. supply curve to shift to the right.
Ans: C. quantity supplied to increase.
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If you mow the lawn yourself, the lawn mowing is considered household production. If you pay Larry's Lawn Service to mow your lawn, the lawn mowing is considered
A) a leisure time activity. B) a service, that will be counted as part of GDP. C) a service, but is not counted as part of GDP because it simply replaces a service you used to perform. D) rent, and therefore is counted as part of GDP. E) underground production because it replaces the underground production of you mowing your lawn.
In a simple Keynesian model, an increase in income leads to an increase in
A) savings. B) investment. C) the price level. D) the money supply.
As long as the value of additional units of output exceed the opportunity cost of that output, _____
a. it will not be produced b. it likely will not be produced c. it will be produced d. it is likely to be produced
Answer the following statements true (T) or false (F)
1. A major characteristic of a monopoly is the ability of the monopolist to influence price. 2. A monopolist must produce a good for which there are no close substitutes. 3. U.S. patents grant a lifetime monopoly on an invention. 4. Public utilities are often called natural monopolies. 5. No U.S. firm has ever obtained sufficient control over raw materials to develop a monopoly or near monopoly on that basis.