Imposing trade barriers does all of the following except
A) reduces economic efficiency.
B) lowers incomes.
C) lowers domestic prices.
D) invites retaliation from foreign governments.
Answer: C
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Which of the following is not "means-tested"?
a. Temporary Assistance for Needy Families (TANF) b. welfare programs c. the Food Stamp program d. Social Security payments to a retiree e. free and reduced price school lunches for the poor
At an annual interest rate of 10 percent, about how many years will it take $100 to triple in value?
a. 8 b. 10 c. 12 d. 14
The profit-maximizing level for all firms, regardless of industry structure, is the output level where
A) TR = MC. B) P = MC. C) ATC = P. D) MC = MR.
Jake sells Star Wars memorabilia on eBay. His annual revenue is $42,000 per year, the explicit costs of his business are $10,000, and the opportunity costs of his business are $18,000 per year. What is his economic profit?
A) $14,000 B) $24,000 C) $32,000 D) $34,000