In discussing market failure, what term do economists use to describe an economy that has produced too much?
a. ultraspecialization
b. high efficiency
c. distribution of income
d. overallocation
d. overallocation
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The government of Eduland is planning to impose a tariff on the import of sports bikes. How is this policy likely to affect the domestic market for sports bikes in Eduland?
What will be an ideal response?
The above figure shows the costs at Barney's Bagel Bakery. For which of the following levels of output does the marginal product of labor exceed the average product of labor?
A) at 1000 bagels daily B) at 2000 bagels daily C) at 3000 bagels daily D) all of the above
The marginal cost curve:
a. Usually declines initially as output increases and then rises with further increases in output b. Is equal to the average variable cost curve c. Usually rises initially as output increases and declines with further increases in output d. Is always constant
The difference between revenue and cost during a single year of a project's life is called the:
A. interest rate. B. net present value. C. net cash flow. D. profit.