The slope of the total production curve becomes:
A. negative when marginal product decreases.
B. flatter when marginal product decreases.
C. steeper when marginal product decreases.
D. None of these is true.
Answer: B
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Fiscal policy to solve short-run economic problems supports the Keynesian notion of
A) there being no government role in the economy. B) the need for autocratic rule. C) an active government role in the economy. D) the long-run nature of the economy.
Total utility is maximized when the ________ for all goods
A) marginal utility per dollar spent is equal B) marginal utilities are zero C) marginal utilities are maximized D) marginal utilities are negative
A market with a few large sellers is called
A) perfectly competitive. B) monopolistically competitive. C) a monopoly. D) an oligopoly.
Many economists argue that there is imperfect information in the market and that this is a failure of the market mechanism
a. True b. False Indicate whether the statement is true or false