Which of the following programs provides economic security to the elderly, disabled, widows, and fatherless children in the U.S.?
A) Social security
B) Income security
C) Federal household assistance program
D) Federal income administration program
A
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The income and substitution effects are part of the reason why
A. the demand curve is downward-sloping. B. the supply curve is upward-sloping. C. the demand curve is upward-sloping. D. the supply curve is downward-sloping.
If a company believes the business sector is saturated with competitors, which of the following should it consider?
a. Product differentiation b. A buy-out or acquisition of some of the competition c. Create a price war with the competition d. Relocation of the business
Fixed costs are defined as
a. the total costs of a firm's production b. the additional cost of the last unit produced c. costs that increase proportionately as the quantity produced increases d. costs that do not vary as quantity produced increases e. implicit costs only
The price-taker firm should discontinue production immediately if:
a. the market price exceeds the firm's average total costs. b. the market price is less than the firm's average variable costs. c. the market price is less than the firm's average total costs, but greater than its average variable cost. d. its accounting statement indicates that it is suffering losses.