Suppose that the slope of a line tangent to the total cost curve at point X is equal to the slope of a line tangent to the total benefit curve at point X, then:
A. net benefit would be increased by reducing the amount of the activity.
B. net benefit would be decreased by reducing the amount of the activity.
C. net benefit would be increased by increasing the amount of the activity.
D. net benefit is maximized.
D. net benefit is maximized.
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Poverty rated tend to be higher than average for:
a. those 65 years or older b. those under 18 years c. both of the above d. neither of the above
The CPI is calculated by
A. summing the prices of all consumption goods in the economy. B. multiplying the rate of inflation in the economy times the unemployment rate. C. surveying a group of consumers and asking them about their monthly expenditures on necessities. D. pricing a basket of goods and services purchased by a typical urban household.
Tax revenues can rise as a result of a decrease in income tax rates, as long as the tax base increases sufficiently
Indicate whether the statement is true or false
Suppose the market-clearing price of milk is $3.00 per gallon, but the dairy industry persuades the government to establish a legally-mandated price support at $4.00 per gallon. The newly legislated price tends to
A) increase the supply of milk. B) reduce the demand for milk. C) increase the quantity supplied of milk. D) increase the quantity demanded of milk.