There is an important role for government in a market capitalist economy.
a. true
b. false
Ans: a. true
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To say that there is a scarcity of gold means that:
a. gold prices will fall in the future. b. there is not enough gold to satisfy people's demand for it at a zero price. c. there are very few substitutes for gold. d. gold is very expensive. e. the demand for gold is changing.
Which nation's taxation is the lowest percentage of the nation's GDP?
a. Australia b. United States c. Germany d. Netherlands e. Sweden
Total surplus with a tax is equal to
a. consumer surplus plus producer surplus. b. consumer surplus minus producer surplus. c. consumer surplus plus producer surplus minus tax revenue. d. consumer surplus plus producer surplus plus tax revenue.
How does a manufacturer set his or her total output to maximize profit?
(A) Set production so that total revenue plus costs is greatest. (B) Determine the largest gap between total revenue and total cost. (C) Determine where marginal revenue and profit are the same. (D) Set production at the point where marginal revenue is smallest.