For markets to work well, there must be
a. market power.
b. a central planner.
c. property rights.
d. abundant, not scarce, resources.
c
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If a nation restricts imports, it will:
A. benefit each individual citizen in that nation. B. decrease the total value of goods and services produced in that nation. C. increase the total value of goods and services produced in that nation. D. harm each individual citizen in that nation.
To maximize profits in the short run, a perfectly competitive firm will produce the output at which:
a. marginal revenue equals demand. b. price equals marginal revenue. c. price equals marginal cost. d. marginal revenue equals average total cost. e. total revenue equals total cost.
As of December 2010, the largest single component of M2 consists of
A. checkable deposits at banks. B. cash, coins, and other currency. C. savings deposits. D. gold and silver in commodity accounts.
In Figure 10.3, a decrease in the demand for labor will cause the equilibrium:
A. wage and hours of labor used to increase. B. wage and hours of labor used to decrease. C. wage to increase and hours of labor used to decrease. D. wage to decrease and hours of labor used to increase.