Which of the following is the best statement about how the amount of the net public debt that a typical individual owes to the holders of the debt has varied in the recent past?
A) The amount has not varied much over time.
B) The amount has varied a lot over time.
C) The amount has steadily increased over time.
D) The amount has steadily decreased over time.
A
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In a free market, a given unit of an input will be used by the firm that
A. earns the largest addition to total profit from the use of that unit of input. B. has the lowest marginal cost of producing another unit of output. C. sells its output for the highest price. D. earns the largest total profit.
If a competitive firm's short run average cost curve lies above the price of the product, we can conclude that the firm
a. is earning a huge profit. b. is incurring losses. c. is earning zero economic profits. d. is earning a normal profit.
What does the price elasticity of demand? measure?
A. The change in quantity demanded when there is a? 1% change in income. B. The amount that the demand curve shifts when there is a change in the price of the good. C. How long it takes consumers to react when there is a change in the price of a good. D. The responsiveness of quantity demanded to a change in the price of a good.
In Table 3-2, from combination C, the opportunity cost of 2 more units of cotton would be
A. 4 units of corn. B. 8 units of corn. C. 14 units of corn. D. 16 units of corn.