In the short run, the price at which a firm's total revenues equal its total costs is
A. a no return price.
B. the short-run shutdown point.
C. the short-run break-even point.
D. a point of positive profits.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. Ambient standards identify the desired level of environmental level to be achieved, typically expressed as a maximum allowable concentration of a pollutant. 2. Standards are the fundamental basis of most environmental policies. 3. A standard that specifies a pollution limit along with the equipment to be used to achieve that limit is called a performance-based standard. 4. If an environmental standard is set at a level where the associated marginal abatement cost (MAC) is equal to the marginal social benefit (MSB), it is considered an allocatively efficient standard. 5. Marginal social benefit (MSB) of abatement can be thought of as the reduction in damages linked to reducing pollution.
In 2010, the U.S. government had tax revenues of $2,703 billion and outlays were $3,973 billion. The budget
A) deficit was $1,270 billion. B) deficit was $3,973 billion. C) surplus was $2,703 billion. D) was balanced because every dollar the government spends it must raise. E) surplus was $1,270 billion. The table above gives a nation's government outlays and tax revenues for 2008 through 2012.
Altruism describes:
A. a motive for action in which a person's utility is unaffected when another's utility increases. B. a motive for action in which a person's utility is decreased when another's utility increases. C. a motive for action in which a person's utility is increased when another's utility increases. D. a motive for action in which a person's utility becomes negative when another's utility increases.
A market basket:
A. looks like a really long shopping list for what firm’s typically purchase. B. includes specific goods and services in fixed quantities that roughly correspond to a typical consumer's spending. C. onlyincludes housing, food, and clothing, but not things like transportation. D. is what an economist creates in order to understand purchasing trends of households and firms.