Since 1950, the energy efficiency of the U.S. economy in terms of producing goods and services has:
A. not changed.
B. more than doubled.
C. risen about 50 percent.
D. risen more than threefold.
Answer: B
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The change in price that results from a leftward shift of the supply curve will be greater if
A) the demand curve is relatively steep than if the demand curve is relatively flat. B) the demand curve is relatively flat than if the demand curve is relatively steep. C) the demand curve is horizontal than if the demand curve is vertical. D) the demand curve is horizontal than if the demand curve is downward sloping.
If average costs of production decline with increases in output for a particular firm:
a. many small firms will be more efficient than a single large firm. b. one large producer will be more efficient than many small producers. c. product diversification is necessary to spread the overhead. d. diseconomies of scale become significant as output increases. e. the variable cost of production must exceed the fixed costs.
An economic analysis of "planned obsolescence" shows that
a. monopolies have an incentive to produce shorter-lived products, even when longer-lived products can be produced at the same cost. b. firms prefer to produce shorter-lived products, because these result in greater sales and hence larger profits. c. competitive firms are forced to produce the product with greatest longevity, but monopolies can successfully use planned obsolescence. d. firms will make a longer-lived product if the additional cost is less than the present value of the benefits received by consumers.
Which of the following reasons can explain why purchasing power parity doesn't hold?
A. Transactions costs B. Fixed prices C. Political pressures D. All of these are reasons why purchasing power parity doesn't hold.