During a time of an economic downturn, it is likely that projected tax revenues will be __________ than anticipated, and expenditures will be _______ than anticipated.
A. higher; higher
B. lower; lower
C. lower; higher
D. higher; lower
C. lower; higher
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A perfectly competitive firm is producing 50 units of output and selling at the market price of $23. The firm's average total cost is $20. What is the firm's economic profit?
A) $23 B) $150 C) $1,000 D) $1,150 E) $50
The opportunity to exploit economies of scale is one of the gains to be derived by removing tariffs and other trade distortions. These gains will be the result of a decrease in
A) world prices of imports. B) the consumption distortion loss triangle. C) the production distortion loss triangle. D) international labor mobility. E) excessive entry and inefficient business practices.
If good X is an inferior good, a decrease in consumer income, other things being equal, will shift the:
a. demand curve for good X to the right. b. demand curve for good X to the left. c. supply curve for good X to the right. d. supply curve for good X to the left.
If supply increases and demand is unchanged, the equilibrium price ____ and the equilibrium quantity ____. Question 26 options:
A. rises; decreases B. does not change; does not change C. falls; decreases D. rises; increases E. falls; increases