Which of the following is most likely a topic of discussion in a microeconomics course?
a. a decrease in the share of national income paid to the government in taxes
b. an increase in the price of lumber used to construct houses
c. an increase in the rate of inflation
d. an increase in the number of jobless individuals filing unemployment claims
b
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________ is a budget philosophy prior to the Great Depression, aimed at matching annual revenues with outlays, except during war time
a. Annually balanced budget b. Annual surplus budget c. Biennial deficit budget d. Biennially balanced budget
Suppose that Gigantic Company is increasing in size. As Gigantic Company grows, demand for inputs causes input prices to rise. It is likely that continued growth will result in:
A. economies of scale. B. reduced fixed costs. C. diseconomies of scale. D. increasing marginal returns.
The alternative to voluntary exchange is self-sufficiency.
Answer the following statement true (T) or false (F)
The value added by any firm equals the firm's ________ from selling the product minus ________.
A. revenue; the cost of inputs purchased from other firms B. profits; the cost of inputs purchased from other firms C. profits; labor expenses D. revenue; labor expenses