Which of the following is false?
a. The national debt increases in size whenever the federal government has a surplus budget.
b. All of the answers are false.
c. The national debt's size decreased steadily after World War II.
d. The size of the national debt currently is about the same size as it was during World War II.
b
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Figure 6.1 shows the cost structure of a firm in a perfectly competitive market. If the market price is $40, the firm's profit-maximizing output level is:
A. 500. B. 650. C. 900. D. 1,200.
Firm A is a monopoly. The demand for its output is p = 90 - Q. Production is such that Q = L. Firm A hires only unionized labor. The marginal cost to the union is $10 per unit of labor. The union will sell
A) 20 units of labor at a wage of $10. B) 20 units of labor at a wage of $40. C) 20 units of labor at a wage of $50. D) 20 units of labor at a wage of $70.
Use the figure below to answer the following question.
If the output level is Q2, then there will be
A. minimum net producer surplus. B. greater marginal benefits than marginal costs of the product. C. productive efficiency. D. maximum deadweight losses.
A compulsory payment to government that is generally linked to engaging in some activity is referred to as a
A) tax. B) subsidy. C) deadweight loss. D) quota.