At the federal level, transfer payments make up ________
A) about 98 percent of total outlays
B) about half of total outlays
C) less than one percent of total outlays
D) the gap between government purchases and borrowing
B
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A decrease in supply will cause a(n)
a. increase in demand b. decrease in demand c. increase in quantity demanded d. decrease in quantity demanded e. decrease in equilibrium price
A good or service that is forgone by choosing one alternative over another is called a(n):
a. explicit cost. b. opportunity cost. c. historical cost. d. accounting cost.
The firm's demand for labor curve is its
A) average product of labor curve. B) marginal product of labor curve. C) marginal revenue product of labor curve. D) average revenue product of labor curve.
Suppose Heidi's Ice Cream experiences economies of scale up to a certain point and diseconomies of scale beyond that point. Its long-run average cost curve is most likely to be
A. U-shaped. B. downward sloping to the right. C. upward sloping to the right. D. horizontal.