If a profit maximizing firm is currently producing where MR = MC, it should
A) increase output so that marginal revenue is less than marginal cost.
B) decrease output so that marginal revenue will be greater than marginal cost and the firm's profit will increase.
C) not change because it is already maximizing profit.
D) exit the industry.
C) not change because it is already maximizing profit.
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If this is a closed economy, how much will a bushel of corn cost? 
A. $5 B. $1 C. $7 D. $3
To make the calculation of real GDP more accurate, in 1996 the BEA switched to using
A) base-year prices. B) chain-weighted prices. C) current prices. D) market prices.
If insurers charge everyone the same premium based on the average cost of insuring the entire group, _____
a. the poor will drop out because the premiums are too high b. the middle class individuals will drop out because they can self-insure c. the healthiest individuals in the market will drop out d. the sickest individuals in the market will drop out
Workers in high-wage countries cannot improve their real income when they trade with low-wage countries
a. True b. False Indicate whether the statement is true or false