When a firm maximizes its profit, which of the following is correct for firms in monopolistic competition and perfect competition?
A) P = MC for both types of firms.
B) P = MR = MC for firms in perfect competition and P > MR = MC for firms in monopolistic competition.
C) MR = MC for firms in perfect competition and MR > MC for firms in monopolistic competition.
D) P > MR = MC for firms in both perfect competition and monopolistic competition.
E) P = ATC always for firms in both perfect competition and monopolistic competition.
B
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Economists John Cogan, Glenn Hubbard, and Daniel Kessler have estimated that repealing the tax preference for employer-provided health insurance would
A) increase overall spending on health care as consumers would have to pay a higher price for medical services. B) reduce spending by people enrolled in these programs by 33 percent. C) significantly reduce the effectiveness of the health care received by those enrolled in these programs. D) drive up prices for health care coverage since insurance reimbursements to doctors would be reduced.
What was the nominal GDP in 2011?
a. 98.118
b. 101.755
c. 15,542.6
d. 15,840.7
If the MPC = 1, the spending multiplier is:
A. infinite. B. zero. C. 1. D. 10.
Which statement is true?
A. The U.S. is both the world's leading creditor nation and the leading debtor nation. B. The U.S. is neither the world's leading creditor nation nor the world's leading debtor nation. C. The U.S. is the world's leading creditor nation and not the world's leading debtor nation. D. The U.S. is the world's leading debtor nation and not the world's leading creditor nation.