Refer to Figure 22-1. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy
If the United States decided to double its support of university research, this would cause a movement from
A) B to C. B) D to C. C) B to A. D) A to B.
A
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The figure above shows the demand, marginal revenue, and marginal cost curves for Paul's Parrot pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, his total economic profit is
A) $60. B) $405. C) $0. D) $210,000. E) unknown because more information is needed to determine Paul's profit.
When the equilibrium price of a product is present
a. neither consumers nor producers will benefit from the exchanges. b. the value of the products to the consumers will exceed the costs of the resources required for their production. c. the consumers will benefit from the exchanges, but the producers will experience losses. d. the producers will profit from the exchanges at the expense of consumers.
One of the most, if not the most, severe recessions since World War II began in the
A. fall of 2005. B. fall of 2007. C. summer of 1964. D. summer of 1927.
The "home" equilibrium will provide the highest level of consumer satisfaction from domestic resources whenever:
a. the marginal products of labor are equal. b. capital and technology are not factors in the decision of what to produce. c. perfect competition in product and labor markets exists. d. Adam Smith's "invisible hand" is not an interfering factor.