The total of all planned production for the economy is
A. aggregate supply.
B. equal to the total value of unplanned production.
C. endowments.
D. aggregate demand.
Answer: A
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A medical researcher suggests that the new flu shot will prevent all forms of the flu, but it was never tested or proved to be true. Which of the following antitrust acts are being violated?
A. Clayton Act B. Sherman Act C. Federal Trade Commission Act D. No Antitrust law is being violated
Which of the following CORRECTLY defines utilitarianism?
A) Cost will increase if production increases. B) The difference between what a consumer is willing to pay and what actually has to be paid. C) Society should strive to achieve the greatest good for the greatest number. D) Equality will not result in efficient outcomes.
If regulation imposes marginal cost pricing on a natural monopoly, then the monopoly will:
A. suffer persistent economic losses. B. earn a fair, but not excessive, return on its assets. C. produce too little output to achieve efficiency. D. experience diseconomies of scale.
In an increasing-cost industry, an increase in industry output will
A) lead to a higher market price. B) lead to a lower market price. C) shift each firm's average fixed cost curve down. D) shift each firm's short run supply curve down.