Which of the following is NOT a leakage?
A) import of a Toyota
B) export of a Cadillac
C) personal saving
D) indirect business taxes
B
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Which of the following statements is FALSE concerning monopolistic competition?
A) There are many firms. B) Firms sell a differentiated product. C) Each firm's actions influence rival firms. D) Firms are free to enter and exit.
Using marginal utility theory, when the price of a gallon of milk falls, a consumer will buy
A) the same amount of milk as before and buy more of all other goods. B) more milk. C) more milk only if its marginal utility is increasing. D) more milk only if its marginal utility is constant.
Refer to Table 1-6. What is Ivan's marginal benefit if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $30 D) $91.67
Governments choose to mandate participation in a program, like auto insurance, when:
A. the functioning of those markets is thought to be in the public interest. B. the market would not otherwise exist. C. the market would exist illegally. D. None of these statements is true.