If resources are limited:
A.) People will rush to buy more goods than they would otherwise.
B.) Businesses will sell more products than they would otherwise.
C.) There will be tradeoffs whenever choices are made.
D.) All individuals are deprived of basic necessities.
C.) There will be tradeoffs whenever choices are made.
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Which of the following is NOT a property of isoquants?
A) They do not cross. B) The closer they are to the origin, the higher the level of output. C) They have a downward slope. D) They are "thin."
"The market is not a self-regulating mechanism because prices are not flexible and nothing ensures that planned leakages will be offset by planned injections. To bring the economy out of depression and end high unemployment, some way of stimulating aggregate demand is required. This can be best achieved by a combination of government deficit spending and regulation of tax rates.". Which school of
thought does this statement best represent? a. Utopian economics b. Monetarist economics c. Classical economics d. Keynesian economics e. Marxist economics
A firm's fixed cost
a. does not vary with output. b. does not change between the short run and the long run. c. is generally a higher percentage of its total cost at high output quantities than at low output quantities. d. All of the above are true.
Leonard, Sheldon, Raj, and Penny each like science fiction moves. The price of a special boxed set of Star Trek DVDs is $50 . Leonard values the set of movies at $70, Sheldon at $65, Raj at $60, and Penny at $55 . Suppose that if the government taxes DVDs at $10 each, the price rises to $60 . A consequence of the tax is that consumer surplus shrinks by
a. $50 and tax revenues increase by $30, so there is a deadweight loss of $20. b. $35 and tax revenues increase by $30, so there is a deadweight loss of $5. c. $20 and tax revenues increase by $20, so there is no deadweight loss. d. $15 and tax revenues increase by $20, so there is no deadweight loss.