The existence of external economies of scale
A) may be associated with a perfectly competitive industry.
B) cannot be associated with a perfectly competitive industry.
C) tends to result in one huge monopoly.
D) tends to result in large profits for each firm.
E) focuses more on individual firms than the industry as a whole.
A
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An economist might emphasize that our everyday use of natural resources is the product of knowledge by saying:
A) "Money is the root of all that is good about the world." B) "Usable oil comes from our minds' innovations." C) "A bird in the hand is worth two in the bush." D) "You're fired."
As it relates to the political process, the principal-agent problem results from the:
A. negative externalities that are created by some policy actions. B. political rules that encourage elected officials to engage in unethical and illegal behavior. C. inconsistency between voters' interest in programs and politicians' interest in reelection. D. paradox of voting.
Gross public debt is the amount of funds that
A) U.S. residents owe to foreign residents. B) the federal government owes to all holders of U.S. securities. C) the federal government owes to taxpayers. D) states owe to the federal government.
The figure above shows that the value of the resources used in job-search activity can be as large as ________ per hour
A) $12,000 B) $8,000 C) $6,000 D) $4,000 E) $2,000