The profit-maximizing level for all firms, regardless of industry structure, is the output level where
A. ATC = P.
B. P = MC.
C. TR = MC.
D. MC = MR.
Answer: D
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In 2007 the total amount of tax collection the federal government brought to the Treasury from all sources was $2.7 Trillion. The population of the U.S. is about 300 million
Assume that all forms of government taxation were abolished and each citizen was required to pay exactly the same as everyone else. What would be the tax burden in dollar terms on each citizen (man, women and child)? How would you characterize a tax system like this? Who would likely protest the most? Who would benefit the most? If the new tax was not repealed, what changes do you believe would take place in the government's budget?
With productive efficiency:
a. There is production of that particular mix of goods and services most wanted by society b. The available supplies of factors of production are variable in quantity and quality c. There is production of any particular mix of goods and services in the least costly way d. The state of technology, or methods used to produce output, constantly change
If there is a change in the U.S. endowment of factors of production, then there would be
A. a movement along the SRAS curve. B. shifts in just SRAS. C. a shift in both LRAS and SRAS. D. a shift in just LRAS.
If the individuals in a group of consumers all have homothetic tastes, then we can treat the group as a single representative consumer.
Answer the following statement true (T) or false (F)