The definition of efficiency implies that production is carried out on the production possibilities frontier.
Answer the following statement true (T) or false (F)
True
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Of the following, the largest source of revenue for the federal government is
A) personal income taxes. B) sales taxes. C) corporate income taxes. D) property taxes. E) lottery revenue.
If a firm's production process exhibits increasing returns to scale, then doubling all the firm's inputs will lead output to ________.
A. less than double. B. fall by one-half. C. more than double. D. double.
Average total cost for an information product would
A) first decrease and then increase as quantity increases. B) increase constantly as quantity increases. C) decrease constantly as quantity increases. D) remain constant as quantity increases.
The following is budget information for a hypothetical economy. All data are in billions of dollars.
Refer to the above table. Assume that Year 1 is the first year for this economy and Year 5 is the current year. What is the public debt in this economy at Year 5?
A. $25 billion
B. $75 billion
C. $125 billion
D. $925 billion