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.
Answer: B
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Production is efficient when
A) it generates a point beyond the production possibility curve. B) the maximum output possible is being produced given current levels of resources and technology. C) technological change occurs. D) the maximum amounts of the most important good are produced.
Firms will continue to enter a perfectly competitive industry until
a. the supply curve is vertical. b. the supply curve is meaningless. c. any excess returns have been competed away. d. all resources are fully employed.
When a local casino spends millions in TV ads convincing town residents to reject another casino's bid to operate in the area, the casino is:
A. rent seeking. B. seeking rent controls. C. acting fraudulently. D. allocating resources efficiently.
Refer to the information provided in Figure 13.3 below to answer the question(s) that follow. 
Figure 13.3Refer to Figure 13.3. This firm's total revenue will be maximized at a price of
A. $12. B. $10. C. $8. D. $6.