________ is concerned with the distribution of resources across society
A) Social surplus
B) Equity
C) Efficiency
D) Utility
B
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When the U.S. dollar depreciates against the yen, the yen becomes ________ expensive and the U.S. exchange rate ________
A) more; rises B) less; rises C) more; falls D) less; falls
What is a long-run supply curve? What does a long-run supply curve look like on a perfectly competitive market graph?
What will be an ideal response?
When a demand schedule is drawn as a graph,
a. price is measured on the vertical axis. b. quantity is measured on the horizontal axis. c. the resulting curve has a negative slope. d. the other variables (besides price and quantity) are held constant. e. All of the above are correct.
If a government wanted to increase the prosperity of a nation, it could best serve this goal by
a. protecting domestic industries from international trade, thus encouraging domestic growth. b. regulating the way in which firms can operate. c. reducing barriers that restrict the ability of potential competitors to enter markets. d. subsidizing firms that are in danger of going out of business.