Which of the following would be classified as a public good?
A) state lotteries
B) telephone service
C) Internet service subscription
D) police protection
Answer: D
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The ________ demonstrates the roles played by households and firms in the market system
A) theory of comparative advantage B) business cycle C) circular flow model D) production possibilities frontier
At the point at which P=MC, suppose that a perfectly competitive firm's MC = $100, its AVC = $80 and its AC = $110. This firm should
A) shut down immediately. B) continue operating in the short run. C) try to take advantage of economies of scale. D) try to increase its advertising and promotion.
How many times in the last 80 years has the official unemployment rate in the United States reached 0 percent?
a. 0 b. 1 c. 2 d. 3 e. 4
Refer to the information provided in Figure 9.7 below to answer the question(s) that follow. 
Figure 9.7 Refer to Figure 9.7. The type of industry depicted in this situation is
A. an increasing-cost industry. B. a constant-cost industry. C. a decreasing-cost industry. D. impossible to determine from this information.