Most economists agree on the amount of government intervention necessary in an economy.
Answer the following statement true (T) or false (F)
False
Many leading economic theories lead to different answers to the question about the amount and type of government intervention that is necessary for the proper functioning of an economy.
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The congestion tax implemented in London reduced traffic volume and cut travel time for cars and buses in half
Indicate whether the statement is true or false
The long-run industry supply curve in perfect competition is derived from the
A. short-run industry supply curve which shifts as new firms enter the industry. B. short-run industry supply curve which shifts as old firms exit the industry. C. freedom of firms from sunk costs so that new cost curves become long-run curves. D. All of the reasons listed.
Investment in both physical and human capital tends to enhance economic growth because it generally
a. increases consumption during the current period. b. makes it possible for individuals to produce more goods and services per hour worked. c. encourages firms to expand output by employing more low productivity workers. d. encourages workers to unionize and thereby fight for higher wages.
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. The opportunity cost of producing 1 ton of soybeans in the United States is
A. 1/3 of a computer. B. 3 computers. C. 1/5 of a computer. D. 5 computers.