In the long run, competitive firms MUST be profit maximizers because if they do not maximize profits,
A) they will not survive.
B) they will not be price takers.
C) they will attract entry.
D) the profits that they do earn will only cover variable costs.
A
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It seems evident that countries would have an advantage in producing those goods that use relatively large amounts of their most abundant factor of production
a. True b. False Indicate whether the statement is true or false
If we look at governmental budgets over time using nominal figures, we
a. have a clearer understanding of the real size of the budget b. are able to focus on the real impact of government spending on potential GNP c. tend to overestimate the size of the budgetary growth d. usually underestimate the size of the burden of the debt e. are ignoring what we can learn from nominal data
An area in which the United States has had a sizable surplus in its balance of payments is sales of ____ to foreigners
a. goods b. energy c. assets d. automobiles
Assume the marginal tax rate is 12 percent for the first $40,000 of income, 28 percent for income between $40,000 and $100,000, and 30 percent for any income over $100,000. If Sarah has taxable income equal to $120,000 for the year, what is her tax bill?
A. $36,000. B. $33,600. C. $34,000. D. $27,600.