The United States economy ______________ operates on its production possibility curve.
A. Always
B. Sometimes
C. Never
B. Sometimes
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The cost that does not change as output changes is
A) total fixed cost. B) average fixed cost. C) total variable cost. D) average variable cost. E) marginal cost.
When scarce goods are allocated according to some generally known criteria,
A) no one is discriminated against as long as the criteria are socially and legally accepted. B) people will compete to satisfy the criteria. C) rationing of scarce goods becomes unnecessary. D) surpluses almost inevitably appear.
An economic agent ________ when he accounts for the full costs and benefits of his actions
A) is called a free rider B) internalizes an externality C) maximizes his profit D) is called a rent seeker
Marginal utility is always ______ total utility.
a. greater than b. less than c. equal to d. irrelevant to