Average total cost is found by dividing ________ by ___________.
Fill in the blank(s) with the appropriate word(s).
total cost; output
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Economists normally assume that the goal of a firm is to: a. sell as many units of output as possible
b. maximize profits. c. sell products at the highest prices possible. d. maximize sales revenue.
Which of the following arguments for farm subsidies is most closely associated with the parity concept?
A. Although farmers produce necessities for the rest of us, they receive low incomes that are declining in real terms, and should therefore receive price and income support. B. Farmers sell their output in purely competitive markets but must buy inputs from imperfectly competitive firms. C. Farmers cannot fully insure themselves against the risks unusual to farming, such as floods, droughts, and pests. D. The "family farm" is an American institution that should be protected and nurtured.
The official measure of the deficit is equal to
A) iB + G - T. B) iB + T - G. C) rB - G + T. D) (i - ?)B + G - T. E) none of the above
Which of the following strategies will a government adopt to increase the production of a good?
a. An excise tax on producers b. An excise tax on consumers c. A subsidy to buyers d. A capital gains tax on producers