MSC - MC reflects
A. an external cost.
B. an internal cost.
C. average marginal cost.
D. marginal benefit.
Answer: A
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Assume the asset market is always in equilibrium. Therefore a fall in Y would result in
A) higher inflation abroad. B) a decreased demand for domestic products. C) a contraction of the money supply. D) a depreciation of the home currency. E) an appreciation of the home currency.
A decrease in the quantity of available resources would be represented by:
a. a steeper PPC. b. a point inside the PPC. c. an inward shift of the PPC. d. an upward movement along the PPC. e. a downward movement along the PPC.
Graphically, the optimum choice of a consumer is determined at: a. the point of intersection of the lowest indifference curve and the budget constraint. b. the point of intersection of the budget line and the vertical axis
c. the point where the highest indifference curve is tangent to the budget constraint. d. the point of intersection of the budget line and the horizontal axis.
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if this economy were to open to free trade, the domestic quantity demanded would be:
A. 1500. B. 250. C. 500. D. 1150.