In the long run, a firm in a perfectly competitive industry will supply output only if its total revenue covers its
A) implicit costs. B) fixed costs.
C) explicit costs plus its implicit costs. D) explicit costs.
C
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When the government's outlays equal its tax revenues, then the budget
A) is balanced. B) could be either in surplus or deficit. C) is legal only because expenditures equal tax revenues. D) is in surplus. E) is in deficit.
Often antitrust enforcers
A. Cannot measure market concentration. B. Lack the resources to prosecute anticompetitive behavior. C. Prefer to break up companies that violate antitrust laws. D. Lack a legal structure to prosecute companies for monopoly behavior.
Under the Temporary Aid to Needy Families (TANF program), work activities are defined to include:
A. vocational training. B. community service. C. on-the-job training. D. All of these
The IS curve shows combinations of output and interest rates consistent with equilibrium in the goods market.
Answer the following statement true (T) or false (F)