In most businesses there is only one way to produce output
a. True
b. False
Indicate whether the statement is true or false
False
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A large factory pours its toxic wastewater into a nearby river, and as a result, the residents of a downstream community experience high rates of illness and birth defects. The economic problem illustrated by this example is
A. marginal thinking. B. comparative advantage. C. repealing the laws of supply and demand. D. externalities. E. productivity growth.
In surveying their alumni, State U's economics department discovered that ramen noodle consumption declined once students graduated and found jobs. One conclusion the survey team might draw from this result is that:
A. ramen noodles are an inferior good. B. college graduates have a high reservation price for ramen noodles. C. there is excess demand for ramen noodles. D. the equilibrium price for ramen noodles is too high.
As a result of pure free trade in a commodity, the
A. price of the commodity must be the same in all countries. B. total quantity imported will exceed the total quantity exported. C. price of the commodity will be higher in the producing country. D. price of the commodity will be lower in the producing country.
Economies of scale may be a barrier to entry in a situation in which
A. only small-scale production can meet the constantly changing market demand. B. only small-scale production can lower the per-unit cost of production. C. only large-scale production can lower the per-unit cost of production. D. large-scale production is inefficient.