Since 1970, federal expenditures by regulatory agencies have
A. decreased slightly.
B. remained constant.
C. increased slightly.
D. increased dramatically.
Answer: D
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Which of the following is correct?
A. Current account surplus + capital account surplus = 1 B. Current account surplus ? capital account surplus = 0 C. Current account surplus + capital account surplus = 0 D. Current account surplus ? capital account surplus = 1
Which of the following is a characteristic of a natural monopoly?
a. Average cost exceeds marginal cost over large regions of output. b. Increasing the number of firms increases each firm's average total cost. c. One firm can supply output at a lower cost than two firms. d. All of the above are correct.
What do most economists believe concerning the relation between the price level and real output?
Answer the following statement(s) true (T) or false (F)
1. The total revenue curve for a perfectly competitive firm will be a straight line with positive slope. 2. The marginal revenue curve for a perfectly competitive firm will be downward sloping. 3. Marginal costs reflect changes in variable costs. 4. The short-run is a period of less than one year. 5. The production decision is a short-run decision.