Other things being equal, if a perfectly competitive firm is forced to switch to a more expensive, nonpolluting production process:
A.) The average cost curve will shift downward.
B.) The profit-maximizing level of output will be increased.
C.) The marginal cost curve will shift downward.
D.) Total profits will decrease.
D.) Total profits will decrease.
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The non-exclusion principle means
A) no one can be excluded from the benefits of a public good, even if the person does not pay for it. B) no one can be excluded from the benefits of a private good, even if only one person pays for it. C) no one who pays for a public good can be excluded from receiving the benefits of a public good. D) people who do not pay for a public good can be excluded from receiving its benefits.
According to Okun's law, when cyclical unemployment increases from 2 to 3 percent, the recessionary gap widens from ________.
A. ?2 percent to ?3 percent B. ?4 percent to ?6 percent C. 4 percent to 6 percent D. 0 percent to 1 percent
Measured as a share of the economy, total government expenditures:
A. have been between 10 and 15 percent of the U.S. economy since 1930. B. have been between 20 and 25 percent of the U.S. economy since 1930. C. rose from less than 10 percent in 1929 to about 35 percent currently. D. declined from more than 50 percent in 1929 to approximately 25 percent currently.
Before World War I, most countries belonged to a system of fixed exchange rates in which currencies were tied to which of the following assets?
A) The U.S. dollar B) The British pound C) Silver D) Gold