To achieve economic efficiency, a pure public good
a. would have to be provided at marginal cost
b. would have to be provide at marginal revenue
c. should never be provided
d. should be provided to everyone
e. would have to be provide free of charge
A
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The above (incomplete) table provides information about the relationships between output and various cost measures. The total fixed cost (TFC) for the firm is
A) zero. B) $45. C) $10. D) None of the above answers is correct.
Differences in the productivity of labor accounts for comparative advantage if:
a. the minimum wage varies across countries. b. the size of the domestic market varies across countries. c. the labor hours required to produce each good varies across countries d. the strength of workforce varies across countries. e. the laborers are paid different wages in different countries.
The problem of scarcity: a. exists because resources are limited relative to wants
b. exists because resources are unlimited relative to wants. c. can be eliminated through appropriate government intervention into markets. d. does not exist in communist societies.
In the United States, someone is classified as unemployed if he or she
A) does not have a job. B) does not have a job, or else has a job but is looking for a different one while continuing to work. C) does not have a job, has recently looked for work, and is collecting unemployment insurance. D) does not have a job, and is collecting unemployment insurance. E) none of the above