Which of the following is not an argument in favor of the globalization of business?
A) More efficient use of resources lowers operating costs and selling prices.
B) More products are made available and new markets are opened.
C) Economic and political security are enhanced.
D) Technology transfers improve living standards in poorer countries.
C
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Resource use is efficient when production is such that marginal social benefit is
A) greater than marginal social cost. B) equal to marginal social cost. C) less than marginal social cost. D) at its maximum value.
An externality is
A) a cost paid for by the producer of a good or service. B) a benefit realized by the purchaser of a good or service. C) anything that is external or not relevant to the production of a good or service. D) a benefit or cost experienced by someone who is not a producer or consumer of a good or service.
Trading off capital goods for increasing amounts of consumer goods today will most likely result in
A) increased long-term growth. B) decreased long-term growth. C) decreased prices in consumer goods. D) increases in the quantity of consumer goods.
Refer to the information provided in Figure 6.6 below to answer the question(s) that follow.
Figure 6.6Refer to Figure 6.6. Bill's budget constraint is BD. If the price of bell peppers increases, Bill's new budget constraint is
A. EF. B. AO. C. AD. D. CD.