Universal service means that one company provides service to all consumers, everywhere
a. True
b. False
Indicate whether the statement is true or false
False
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One of the aims of positive economics is to rank policies under consideration from most desirable to least desirable.
Answer the following statement true (T) or false (F)
The reasons why a competitive firm's short-run supply curve is upward sloping are
A) the law of diminishing marginal returns and profit maximization. B) constant returns to scale and profit maximization. C) decreasing returns to scale and profit maximization. D) Both B and C.
Which of the following firms is most likely to be a perfectly competitive firm?
a. one of the three largest U.S. automakers b. one of the "Seven Sisters" oil producers c. a public school operated by the government d. a soybean farmer e. a manufacturer of refrigerators
If unskilled labor is relatively plentiful and cheap in many foreign countries, then as the United States expands its trade with these foreign countries, the domestic demand for
a. unskilled labor will rise and skilled labor will fall. b. skilled labor will rise and unskilled labor will fall. c. both skilled and unskilled labor will rise proportionately. d. both skilled and unskilled labor will be unaffected, assuming no barriers to free trade.