Suppose for a regulated monopoly that price equals minimum ATC but price exceeds MC. This means that:
A. both productive and allocative efficiency are being achieved.
B. productive efficiency is being achieved, but not allocative efficiency.
C. allocative efficiency is being achieved, but not productive efficiency.
D. neither productive nor allocative efficiency is being achieved.
Answer: B
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When the government's outlays exceed its tax revenue, the national debt
A) shrinks thanks to the budget surplus. B) grows to finance the budget deficit. C) shrinks thanks to the budget deficit. D) grows to finance the budget surplus. E) does not change because it has nothing to do with government outlays and tax revenue.
Currently kidneys are allocated based on the needs of each perspective recipient, their blood type, and the urgency of their case. An alternative way to allocate kidneys is to go by the order in which patients were placed on the waiting list
In that case, the allocation of resources is made using A) market price. B) auction. C) first-come, first-served. D) personal characteristics.
Capital is a(n) ____ variable and investment is a(n) ____ variable
a. physical, financial b. stock, flow c. asset, liability d. flow, stock
On this production possibilities curve, which point represents the highest production of military goods at an efficient level in the current economy?
a. A
b. B
c. C
d. D