If firms are producing at a profit-maximizing level of output where the price is equal to the average total cost:
A. average total cost must be minimized.
B. economic profits must be zero.
C. accounting profits must be positive.
D. All of these are true.
D. All of these are true.
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China runs a current account surplus with the United States. Which of the following must be true about China's balance of payments with the United States?
A) It must run a financial account deficit. B) Its net exports must be negative. C) Its balance of trade must be in deficit. D) Its balance of payments must run a deficit.
The U.S. Justice Department prosecuted Microsoft under the terms of
A) the Sherman Act. B) the Kefauver amendment. C) the 1933 amendment to the Federal Trade Commission Act. D) none of the above.
Which of the following is not generally considered to be an ingredient for economic growth?
a. Investment in human capital. b. Political instability. c. High savings rate and investment in capital. d. Growth in technology. e. Investment in infrastructure.
With a sole proprietorship:
A. shares are valued by the marketplace. B. income is taxed twice. C. responsibility is shared. D. all of one's assets are at risk of loss.