Which of the following increases the supply of a product?
A) a fall in the price of the product
B) a smaller number of sellers producing the product
C) an increase in foreign imports of the product
D) higher taxes imposed upon producers of the product
C
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What is the relationship between marginal product and average product?
What will be an ideal response?
A government budget deficit will lead to:
a. an increase in the supply of loanable funds and an increase in real interest rates. b. a decrease in the supply of loanable funds and an increase in real interest rates. c. an increase in the supply of loanable funds and a decrease in real interest rates. d. a decrease in the supply of loanable funds and a decrease in real interest rates.
In order to achieve a high economic freedom rating, a country must
A) provide citizens with housing, health care, and other basic goods free of charge. B) protect property rights, enforce contracts even-handedly, and rely extensively on markets to allocate goods and services. C) use the taxing power of the state to redistribute income from the rich to the poor and thereby promote income equality. D) elect political officials democratically.
Suppose a monopolist faces the following demand curve.
If you were to draw the monopolist's marginal revenue curve, it would:
A. lie on top of the demand curve. B. have a slope equal to the reciprocal of the slope of the demand curve. C. intersect the vertical axis at $35. D. intersect the horizontal axis at 35.