Some individuals or families can become completely saturated with a service such as television. This suggests that
a. wants are limited
b. desires for a single commodity can be satisfied but then the focus will switch to other goods and services
c. a highly productive economy may someday be able to satisfy all human desires
d. resources are not truly fixed in supply as we generally assume
e. scarcity does not exist
B
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If there is no Ricardo-Barro effect, a government budget surplus ________ the supply of loanable funds and ________ equilibrium investment
A) decreases; increases B) increases; increases C) increases; decreases D) does not change; does not change E) decreases; decreases
Which of the following is ALWAYS true when a single-price monopolist maximizes its profit?
A) P = MC B) P = MR C) MR = MC D) MC = ATC E) P > ATC
Using a Cobb-Douglas production function, Y/N = (K/N)b, the marginal product of capital is
A) b(K/N)b-1. B) b(K/N). C) (K/N)b-1. D) (K/Y)b.
A provision that permits raising tariffs if domestic producers are suffering under an existing tariff is known as
a. a trading bloc. b. exchange control. c. anti dumping. d. an escape clause.