Under perfect competition, a firm’s
A. demand curve and average revenue curve are identical, but the marginal revenue curve is different.
B. demand curve is different, but the average revenue curve and the marginal revenue curve are identical.
C. demand curve, average revenue curve and marginal revenue curve are identical.
D. none of these are true.
Answer: C
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In general, does the demand for labor become more or less elastic as we increase the number of other variable inputs used in a production process?
A) More elastic B) No change in elasticity C) Less elastic D) We cannot answer this question without more information about the other inputs
Which of the following statements is false?
A) Specialization and trade allow a country's inhabitants to consume at a level beyond its production possibilities frontier. B) Some of the goods the U.S. exports include cars, coal, and wheat. C) Some of the goods the U.S. imports include cars, oil, and coffee. D) A country has a comparative advantage in producing that good it can produce at lower opportunity cost than another country. E) none of the above
Blanket standards on imports usually address issues affecting:
A. foreign production practices. B. domestic consumers. C. domestic producers. D. They can be used to address any of these.
Which of the following statements is true regarding expansionary fiscal policy?
A) It leads to an increase in the supply of bonds by the Treasury. B) It leads to a fall in interest rates. C) It leads to an increase in net exports. D) It tends to reduce to size of government.