Government purchases include expenditures for publicly owned capital such as schools and highways that have long lifetimes.
Answer the following statement true (T) or false (F)
True
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Suppose a competitive firm's total revenue is $1,000,000 where MR = MC, its explicit variable costs are $900,000, its fixed costs are $90,000 of which $60,000 are sunk in the short run
If its implicit opportunity costs are $50,000, the firm should A) produce because its economic profit is positive. B) produce because its economic profit is zero. C) produce even though its economic profit is negative. D) shut down.
The nominal price of industrial red paint was $12 per gallon in 1993. To convert this value to the real price of paint in 2012 dollars, we should use the:
A) Consumer Price Index. B) Producer Price Index C) Fed funds rate. D) 30-day T-bill rate.
Use the above table. What percentage of income is received by the richest 20% of the population?
A) 33.33 percent B) 16.67 percent C) 11.11 percent D) 40.00 percent
What is the average cost per unit for producing 3 units? a. 200. b. 260. c. 70
d. 110.