Public saving is positive when:
A. the government's budget is balanced.
B. there is a government budget surplus.
C. after-tax income of households and businesses is less than consumption expenditures.
D. after-tax income of households and businesses is greater than consumption expenditures.
Answer: B
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Dell and Gateway must decide whether to lower their prices, based on the potential economic profits shown in the payoff matrix above. (The profits are in millions of dollars)
If the firms collude and don't cheat, Dell's profit is ________ million and Gateway's profit is ________ million. A) $10; $10 B) $15; $15 C) $5; $20 D) $20; $5
The firm's gain in profit from hiring another worker is
A) the marginal revenue product of the extra worker. B) the extra output of the extra worker. C) the reduction in costs from hiring another worker. D) the difference between marginal revenue product and the wage of the worker.
Advocates of a progressive income tax use arguments EXCEPT for which of the following?
A) A progressive tax system taxes according to ability to pay. B) A progressive tax system taxes according to benefits received. C) A progressive tax system helps redistribute income away from the rich and towards the poor. D) A progressive tax system maximizes government revenues.
For the monopolistically competitive firm, the demand curve it faces will be steeper the:
A. more easily the good can be substituted. B. less easily the good can be substituted. C. more complement goods are available. D. less complement goods are available.