The national debt is:
A. the difference between a nation's exports and imports of goods and services.
B. the sum of the personal debt of all citizens in the United States.
C. the cumulative effect of all past budget deficits and surpluses of the federal government.
D. equal to the current size of the budget deficit.
Answer: C
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A company is producing 15,00 . units. At this output level, marginal revenue is $22 and the marginal cost is $18 . The firm sells each unit for $48 and average total cost is $40 . What can we conclude from this information?
a. The company is making a loss b. The company needs to cut production c. The company needs to increase production d. Not enough information is provided
In short-run equilibrium in a perfectly competitive market, firms always make zero economic profit
a. True b. False Indicate whether the statement is true or false
A person behaving rationally will: a. never make mistakes
b. make decisions that are random and chaotic. c. have others determine whether their decisions are rational. d. try to weigh the expected marginal benefits and marginal costs of their decision.
The summer in Miami turned out to be warmer than usual, causing people to drink more colas. This can be represented by:
a. a rightward movement of the demand curve for colas. b. a leftward movement of the demand curve for colas. c. an upward movement along the demand curve for colas. d. a downward movement along the demand curve for colas.