You might also like to view...
Which of the following statements about the Social Security, Medicare, and Medicaid programs is true?
A) Some economists have argued for decreasing taxes to help with these programs' funding problems. B) Spending on these three programs will rise from 9.7% of GDP currently to 10.2% of GDP by 2050. C) Costs are being driven up by the fact that Americans are living longer and medical costs are rising substantially. D) Some economists have argued for increasing benefits to help with these programs' funding problems.
Implicit costs are costs that:
A. require a firm to spend money. B. represent forgone opportunities. C. do not depend on the quantity of output produced. D. depend on the quantity of output produced.
If a ton of steel sells for $15,000 and a car made from a ton of steel sells for $30,000 . then if all markets are perfectly competitive, how many cars can be made from the last ton of steel used by a profit-maximizing firm?
a. 1/3 car b. 1/2 car c. 1 car d. 1.5 cars
Suppose that Firms A and B each produce high-resolution computer monitors, but Firm A can do so at a lower cost. Cassie and David each want to purchase a high-resolution computer monitor, but David is willing to pay more than Cassie. If Firm B produces a monitor that David buys, then the market outcome illustrates which of the following principles? (i) Free markets allocate the supply of goods to
the buyers who value them most highly, as measured by their willingness to pay. (ii) Free markets allocate the demand for goods to the sellers who can produce them at the least cost. a. (i) only b. (ii) only c. both (i) and (ii) d. neither (i) nor (ii)