When government purchases exceed net taxes, the government has a budget ________ and government saving is
A) surplus; negative B) deficit; positive
C) surplus; positive D) deficit; negative
D) deficit; negative
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Suppose an economist claims there are substitutes for wetlands. The person is saying
A) wetlands are of no value. B) wetlands are worth less than their substitutes. C) there is a cost to maintaining a wetland. D) there is a cost to maintaining a wetland, and it is necessarily too high. E) economists don't like wetlands.
"If a natural monopoly is regulated using a marginal cost pricing rule, the firm makes zero economic profit." Is the previous statement correct or incorrect?
What will be an ideal response?
The central macroeconomic concept that is most clearly related to changes in the well-being of the average member of the economy is the
A) unemployment rate. B) inflation rate. C) productivity growth rate. D) None of the above is closely related.
Marginal revenue product is defined as the amount that an additional unit of the variable input adds to ____
a. marginal revenue b. total output c. total revenue d. marginal product e. none of the above