A government balanced budget is
A. a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period.
B. all federal government debt irrespective of who owns it.
C. the total value of all outstanding federal government securities.
D. an excess of government spending over government revenues during a given time period.
Answer: A
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Each of the four firms in an industry has a market share of 25 percent. The Herfindahl-Hirschman Index equals
A) 3,600. B) 100. C) 625. D) 25. E) 2,500.
When Sidney's Sweaters, Inc makes exactly zero economic profit, Sidney, the owner
A) is taking a loss. B) will shut down in the short run. C) makes an income equal to his best alternative forgone income. D) will boost output.
Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.30 per minute. What is the highest fixed fee Always There Wireless could charge without losing the low-demand consumers?
A. $28.13 B. $56.26 C. $24.50 D. $49.00
Suppose you were working for Richstone's bakery and calculating whether the bakery was making a profit, considering the recent increase in rent. You have the following data: P = $20, AVC = $10, AFC = $8 and quantity of birthday cakes produced a day is 20
a. loss of $10 b. profit of $10 c. profit of $20 d. profit of $40 e. loss of $40