A common feature(s) of the early years of transition
a. Recession
b. Hyperinflation
c. Creation of democracy
d. Macroeconomic stability
e. A and b
E
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The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for raising goats on a common pasture
A quota to prevent the overuse of the common pasture sets the number of goats to be raised equal to ________. A) 0 goats B) 40 goats C) 50 goats D) 55 goats
Economies of scale can benefit consumers to the extent that the costs of production incurred by the firms in the industry are lower than they would otherwise be
At the same time, the price-setting power of those firms is increased, which could hurt consumers. Indicate whether the statement is true or false
Which of the following statements regarding labor supply is false?
a. Jerry's labor supply curve can bend backward if the income effect of a higher wage rate outweighs the substitution effect. b. Bob's labor supply curve will not bend backward if the wage rate is never so high that the income effect outweighs the substitution effect. c. If there is a wage rate above which the income effect is at least as great as the substitution effect, the labor supply curve will be vertical or bend backward. d. The labor supply curve will slope upward if the income effect dominates the substitution effect. e. Hayden's offer to work more hours as the result of a wage increase suggests that the substitution effect dominates the income effect.
Which one of the following will shift the investment demand curve leftward?
a. A technological breakthrough. b. Lower tax rates. c. Optimistic business expectations. d. A lower rate of capacity utilization. e. None of these.