When government policies are enacted,
a. equality can usually be enhanced without an efficiency loss, but efficiency can never be enhanced without a reduction in equality.
b. efficiency can usually be enhanced without a reduction in equality, but equality can never be enhanced without an efficiency loss.
c. it is always the case that either efficiency and equality are both enhanced, or efficiency and equality are both diminished.
d. None of the above are correct.
d
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Which of the following would result in GDP for an economy equal to $10 trillion?
A) C = $7 trillion I = $2 trillion G = $4 trillion NX = $3 trillion B) C = $6 trillion I = $2 trillion G = $1.5 trillion NX = -$2 trillion C) C = $4 trillion I = $3 trillion G = $2 trillion NX = -$1 trillion D) C = $5 trillion I = $5 trillion G = $2 trillion NX = -$2 trillion
When the market price has fallen below a firm's ATC but is above its AVC, in the short run, the firm:
A. then MC must be greater than MR. B. can minimize its losses by staying open. C. is earning positive profits. D. then a firm is covering all of its fixed costs, but not all of its variable costs.
The price elasticity of demand for beef is about 0.60. Other things equal, this means that a 20 percent increase in the price of beef will cause the quantity of beef demanded to:
A. increase by approximately 12 percent. B. decrease by approximately 12 percent. C. decrease by approximately 32 percent. D. decrease by approximately 26 percent.
Suppose that a large and a small wind turbine have similar installation, operating, and maintenance costs, but a large turbine has four times the generating capacity but costs less than three times as much as a small turbine. The wind power industry faces:
A. constant returns to scale. B. economies of scale. C. diseconomies of scale. D. a hump-shaped cost curve.