An economy operating efficiently is graphed as a point ______ the production possibilities curve.
a. above
b. inside
c. outside
d. on
d. on
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Refer to the scenario above. If they are the only bidders in the auction, Jeff will win the auction if ________
A) Tom and Roger bid up to their value for the good while Bill and Jeff bid below their value of the good B) Tom and Jeff bid up to their value for the good while Roger and Bill bid below their value for the good C) Bill and Jeff bid up to their value for the good while Tom and Roger stop bidding at $100 and $200, respectively D) each of them bids up to his value for the good
The law of diminishing marginal returns says that
a. total product will eventually remain constant as more of an input is added to production b. total revenue decreases as output increases, holding technology fixed c. marginal product eventually falls as more of an input is employed d. the quantity demanded of a good decreases as its price rises e. utility falls as more of a good is consumed
The elasticity of supply of a good that is produced in a perfectly competitive industry is close to zero
a. True b. False Indicate whether the statement is true or false
Future generations are most likely to lose as a consequence of budget deficits if
A. growth of the national debt causes high interest rates that discourage private capital accumulation. B. internally held national debt rises as a percentage of GDP. C. the national debt is continually rolled over, and is never paid off. D. foreigners buy more and more of our national debt, forever.