Profit is
A. Possible only with technical efficiency.
B. The difference between total cost and variable cost.
C. Earned at all points along the production function.
D. The difference between total revenue and total cost.
Answer: D
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If average labor productivity increases, then the same number of employed workers will always produce:
A. more output per person. B. less output per person. C. less total output. D. more total output.
A central cause of the rising debt-GDP ratio in the United States during the 1980s and 1990s was
A) the tax cuts of the early 1980s. B) continuous increases in the military portion of the federal budget. C) overly-generous indexation of Social Security benefits. D) deficit-reduction targets.
Maximizing total benefits is equivalent to maximizing net benefits if and only if there are:
A. increasing costs associated with achieving more benefits. B. constant marginal costs associated with achieving more benefits. C. no costs associated with achieving more benefits. D. decreasing costs associated with achieving more benefits.
Obama was suggesting that a job would be lost if the T-shirt were cheaper because
A. there would be no international trade. B. firms making dress shirts would go out of business. C. it would require the U.S. government to impose tariffs. D. the firm producing the shirt would go out of business. E. it would be produced in another country.