A firm earns a profit if
A. price equals marginal cost.
B. total revenue equals total fixed costs.
C. total revenue exceeds the total cost of production.
D. price is less than the total cost of production.
Answer: C
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When consumers or producers do not bear the full cost of their economic decisions, they tend to produce or consume more than they otherwise would
a. True b. False Indicate whether the statement is true or false
In 2007 which country had the highest ratio of government expenditures to GDP?
A. Canada B. Switzerland C. United States D. none of these answer options are correct.
Entrepreneurship could best be classified as:
A. simple labor. B. highly specialized labor. C. creative labor. D. unskilled labor.
Collective bargaining refers to
A) negotiations between workers and health officials. B) negotiations between management of a company and a labor union. C) farming methods in Marxist states. D) the process of electing union leaders.