Simplicity and fruitfulness are virtues when it comes to judging
a. normative economics
b. economic models
c. positive economics
d. consumer sovereignty
e. market performance
B
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The short-run shutdown price for a perfectly competitive firm is where price equals
A) minimum ATC. B) AR. C) MR. D) minimum AVC.
An increase in government purchases, an increase in the interest rate, and an increase in consumption all shift the aggregate expenditure line upward
a. True b. False
The marginal seller is the seller
a. for whom the marginal cost of producing one more unit of output is the lowest among all sellers, and the marginal buyer is the buyer for whom the marginal benefit of one more unit of the good is the highest among all buyers. b. who supplies the smallest quantity of the good among all sellers, and the marginal buyer is the buyer who demands the smallest quantity of the good among all buyers. c. who would leave the market first if the price were any lower, and the marginal buyer is the buyer who would leave the market first if the price were any higher. d. who has the largest producer surplus, and the marginal buyer is the buyer who has the largest consumer surplus.
The following economy produces two products.ProductsProduction Possibilities?ABCDEFTanks012345Autos10009508506503500Refer to the above table. According to the production possibilities schedule, a combination of four tanks and 650 autos is:
A. not attainable because society does not have sufficient resources to produce this combination. B. not attainable because it is not listed in the schedule. C. attainable and involves an efficient use of society's resources. D. attainable, but would not be in the best interests of a strong national defense.