For any firm, price always equals
A. average revenue.
B. marginal revenue.
C. marginal cost.
D. marginal profit.
Answer: A
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In 2010, the U.S. government had tax revenues of $2,703 billion and outlays were $3,973 billion. The budget
A) deficit was $1,270 billion. B) deficit was $3,973 billion. C) surplus was $2,703 billion. D) was balanced because every dollar the government spends it must raise. E) surplus was $1,270 billion. The table above gives a nation's government outlays and tax revenues for 2008 through 2012.
In terms of location decisions, firms evaluate the infrastructure of the area in terms of access to transportation as well as the quality of life
Indicate whether the statement is true or false
A product that is produced in 2015 and not sold until 2016 will be counted in the GDP for
a. both 2015 and 2016. b. neither 2015 nor 2016. c. 2015. d. 2016.
Suppose France imposes a tariff on wine of 3 euros per bottle. If government revenue from the tariff amounts to 30 million euros per year and if the quantity of wine supplied by French wine producers, with the tariff, is 8 million bottles per year, then we can conclude that
a. the quantity of wine demanded by France, with the tariff, is 18 million bottles per year. b. the quantity of wine demanded by France, without the tariff, would be 24 million bottles per year. c. the amount of the deadweight loss is 24 million euros per year. d. the tariff causes French buyers of wine to pay 2 euros more per bottle than they would pay without the tariff.