If all persons had identical preferences and productivity factors (ability, skill level, education, experience, etc.), the highest paying jobs would be the most
a. prestigious.
b. convenient.
c. undesirable.
d. easily learned.
C
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A trade deficit means ________.
A. the capital account debit is larger than the credit B. the financial account debit is larger than the credit C. the current account debit is larger than the credit D. the reserve account debit is larger than the credit
A monopoly, unlike a perfect competitor, has total control in its market because it is the single producer. Why, then, must a single-price monopoly decrease its price if it wants to increase its output?
What will be an ideal response?
Marginal revenue equals 0 when:
A) total revenue is increasing. B) total revenue is at its maximum. C) total revenue is decreasing. D) none of the above; marginal revenue is always positive.
Consider the above figure. At a price level of 120
A) total planned real expenditures exceed total planned production. B) total planned production exceeds total planned expenditures. C) prices would fall. D) inventories would begin to accumulate.