Refer to Table 13-3. What are the profit-maximizing/loss-minimizing output level and price?
A) Q = 0 (firm should not produce) B) Q = 3; P = $18
C) Q = 4; P = $17 D) Q = 5; P = $16
C
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The imposition of tariffs on Korean steel has led to ________ in imports of Korean steel to the United States and ________ the price of steel in the United States
A) an increase; raised B) no change; raised C) a decrease; raised D) an increase; lowered E) a decrease; no change in
Suppose that the government taxes income in the following fashion: 20 percent of the first $50,000 . 40 percent of the next $50,000 . and 60 percent of all income over $100,000 . Marshall earns $200,000 . and Lily earns $600,000 . Which of the following statements is correct?
a. Marshall's marginal tax rate is higher than Lily's marginal tax rate. b. Marshall's average tax rate is higher than his marginal tax rate. c. Lily's average tax rate is higher than her marginal tax rate. d. Lily's average tax rate is higher than Marshall's average tax rate.
Suppose your community is considering using public money to build a new sports stadium for a new team that will only stay in the community if it is built for them. Suppose you are watching a news broadcast in which the supporters are saying that it is a good idea because, even though they don't go to the games, it is more fun to live in a town with a team and it is to live in a town without a team. The supporters are relying on the
A. stupidity of voters. B. present value argument. C. local substitution argument. D. externality argument.
When the Fed embarked on a policy known as quantitative easing, they
A) slowly lowered the federal funds rate target until it was equal to zero. B) reduced the required reserve ratio by one-quarter point per month for 12 months. C) bought longer-term securities than are usually bought in open market operations. D) opened up lending to primary dealers, commercial banks, and investment banks.