Refer to the information provided in Figure 34.1 below to answer the question(s) that follow.
Figure 34.1Refer to Figure 34.1. What is the MPM in this economy?
A. 0.2
B. 0.25
C. 0.6
D. cannot be determined from the graph
Answer: C
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As output increases, marginal cost
a. continually increases. b. continually decreases. c. increases, reaches a maximum and then declines. d. decreases, reaches a minimum and then rises.
In deciding which programs the government should fund with tax revenues there is:
A. perfect consensus before a program is funded. B. often widespread disagreement. C. always a popular vote for new programs. D. the ability of each individual to decide where his tax dollars are spent.
The difference between the amount a seller receives for a good and the lowest amount for which he would sell the good is called
A) producers' surplus. B) windfall gain. C) consumers' surplus. D) excess profit.
Milton Friedman concluded that we have never had a serious inflation that was not accompanied by ___________.
Fill in the blank(s) with the appropriate word(s).