What factors are part of the leading economic indicators?
a. Employment, personal income, and production
b. Interest rates and average duration of unemployment
c. Consumer confidence, consumer spending, and machinery orders
d. House sales, personal income, and interest rates
c
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Which of the following best describes the short-run supply curve for an individual perfectly competitive firm?
A) It is the firm's marginal cost curve. B) It is the upward-sloping part of the firm's marginal cost curve. C) It is the vertical axis at prices less than minimum average variable cost and is the firm's marginal cost curve at prices above minimum average variable cost. D) It is the vertical axis at prices less than minimum average total cost and is the firm's marginal cost curve at prices above minimum average total cost.
The two major trading partners of the United States are
a. Germany and Mexico b. Mexico and Canada c. Japan and Canada d. Canada and Brazil e. Brazil and Japan
If there are significant external costs associated with the production of a product, it can be said that the private cost of production to the firm ____ the cost to society associated with this product and output should ____ to move toward the efficient situation
a. overstates; increase b. understates; increase c. overstates; decrease d. understates; decrease
Suppose that a perfectly competitive market is in equilibrium. Then,
a. the equilibrium quantity provides the maximum possible benefit to buyers b. the equilibrium quantity provides the maximum possible benefit to buyers and sellers combined c. total (producer + consumer) surplus is equal to price x quantity. d. an additional unit, if produced, would produce a benefit that exceeds its cost of production e. an additional unit could be produced at a cost to some producer that is less than the benefit to some consumer