In the United States, federal government tax revenues are somewhat less than _____ percent of GDP.
A. 10
B. 20
C. 30
D. 40
B. 20
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Marginal revenue is
a. total revenue minus total cost b. total revenue divided by quantity of output c. the change in total revenue divided by the change in output d. the change in total revenue divided by the change in the quantity of an input used e. economic profit
A new toll of $0.50 per car is in place on a bridge, and 1,000 cars have used the bridge. Total tax revenues would be:
A. $500. B. $2,000. C. $1,000. D. $5,000
Pork from pigs can be used to produce bacon or sausage, but not both. If the price of bacon falls for some reason, then, everything else equal: a. the price of sausage will rise
b. the price of sausage will fall. c. the resources used to raise pigs will become more expensive. d. the demand for bacon will increase.
A budget constraint illustrates the
a. prices that a consumer chooses to pay for products he consumes. b. purchases made by consumers. c. consumption bundles that a consumer can afford. d. consumption bundles that give a consumer equal satisfaction.