Using productive resources to make capital goods requires that we
A) get everyone to agree on the best use of those resources.
B) get government approval of our plan to make capital goods.
C) forgo some level of current consumption.
D) prove that the existence of the capital goods will not cause any environmental damage.
C
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Refer to Exhibit 11-4. If a person’s taxable income is $30,000, how much does he pay in taxes?
A. $4,850 B. $1,400 C. $3,900 D. $4,345
An industry's market structure refers to
A. Whether the market is a product market or a resource market. B. What types of products are produced in that industry. C. How much firms spend on advertising. D. The number and size of the firms in the industry.
Suppose that a monopolistically competitive market is at the long-run equilibrium. Based on this information, which of the following conclusions is NOT true?
A. Deadweight loss is zero. B. Firms' profits are zero. C. P = ATC > minimum of ATC. D. P > MC.
According to the Lucas supply function, if a firm mistakenly perceives that all prices are going ________ because its own output price is going ________, it will ________ its production level.
A. up; up; hold constant B. up; up; increase C. down; down; reduce D. up; down; increase