For any given price, the more elastic the demand for a product is, the greater will be the consumer surplus
a. True
b. False
B
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At the quantity of 1000 tacos, the marginal social benefit of a taco is $.50 and the marginal social cost is $.60. To produce the efficient quantity of tacos
A) more tacos should be produced. B) fewer tacos should be produced C) there should be no change in the amount of tacos produced. D) More information on production costs is needed to determine the efficient level of tacos.
Answer the following statements true (T) or false (F)
1. Total annual production in the United States is in excess of $14 trillion. 2. The ability to produce a good or service using fewer resources than other producers use is known as comparative advantage. 3. Japan has a low standard of living because of its shortage of resources. 4. Technological development can be applied to the improvement of human capital as well as physical capital.
Frictional unemployment is the result of
What will be an ideal response?
In the last 250 years the U.S. economy has succeeded in
A) relaxing the grip of scarcity and improving the quality of life. B) eradicating poverty. C) reducing the number of government regulations imposed on households and businesses. D) eliminating scarcity.