The contract curve in an Edgeworth Box diagram illustrates
A) the only efficient allocation of goods among individuals.
B) all possible efficient allocations of goods among individuals.
C) all equitable distributions of goods among individuals.
D) the only equitable distribution of goods among individuals.
B
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The economic profit of a perfectly competitive firm
A) is less than its total revenue. B) equals its total revenue. C) is greater than its total revenue. D) is less than its total revenue if its supply curve is inelastic and is greater than its total revenue if its supply curve is elastic.
The law of demand refers to the:
a. inverse relationship between the price of a good and the willingness of consumers to buy it. b. price increase that results from an increase in demand for a good of limited supply. c. inverse relationship between the price of a good and the quantity offered for sale. d. increase in the quantity of a good available when its price increases.
Entrepreneurs often undertake the innovations that are necessary to bring inventions to the marketplace. Accordingly, what empirical pattern should be expected in an international comparison?
A. Countries with higher rates of entrepreneurship have lower rates of economic growth. B. Countries with higher rates of entrepreneurship have lower rates of immigration. C. Countries that protect the property rights of entrepreneurs will have higher rates of economic growth. D. Countries with higher rates of entrepreneurship have higher rates of poverty.
Deflation occurs when
A) there is a sustained increase in the price level. B) there is a one-time increase in the price level. C) there is a decline in the price level. D) there is a decrease in the expected rate of inflation.