A firm will earn economic profits whenever:
A. average revenue exceeds average total costs.
B. average revenue exceeds average variable costs.
C. marginal revenue exceeds variable costs.
D. marginal revenue exceeds marginal costs.
Answer: A
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Consider the production possibilities frontier displayed in the figure shown. Which of the following statements is true?
3
A. Producing at point D would be inefficient.
B. Producing at point C would be inefficient.
C. Producing at point B would be inefficient.
D. Producing at point A would be inefficient.
Despite the hard work of activists, less than 50% of all countries recognized by the UN have enacted domestic violence laws.
Indicate whither the statement is true or false.
The law of demand states that the quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes:
A. down, the quantity demanded stays the same. B. up, the quantity demanded goes down. C. up, the quantity demanded also goes up. D. down, the quantity demanded goes down.
Medicaid:
A. helps finance medical expenses for those participating in the TANF and Supplemental Security Income programs. B. has been abandoned in favor of privately provided medical insurance. C. is a program of medical insurance for the aged and retired. D. is a compulsory national health insurance program that only covers preventative medical services.