Producer surplus directly measures
a. the well-being of society as a whole.
b. the well-being of buyers and sellers.
c. the well-being of sellers.
d. sellers' willingness to sell.
c
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Which of the following is the best example of "what goods and services should be produced?"
a. the leasing versus the purchasing of new capital equipment b. the manufacturing of computer workstations in China or in India c. the production of SUVs versus the production of sub-compact cars d. the use of a capital intensive versus a labor intensive process of manufacturing textiles
Which of these is an example of a market failure?
A.) Too few doctors and hospitals in rural areas. B.) Too much pollution in urban areas. C.) Too many people living in poverty. D.) All of these are correct.
External costs occur only with production and not consumption.
Answer the following statement true (T) or false (F)
Which of the following is not true about technological progress?
A) allow for the production of a larger quantity of goods using the same number of workers B) lead to the production of new goods C) lead to the disappearance of old goods D) cause a reduction in employment in the short run E) none of the above