________: the variable costs incurred by the business in the current period per unit of output
Fill in the blank(s) with correct word
Average variable costs
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If the government has no debt initially, but then has annual revenues of $10 billion per year for 4 years and annual expenditures of $10.5 billion per year for 4 years, then the government has
A) a budget surplus of $0.5 billion per year and a debt of $2 billion at the end of the 4 years. B) a budget deficit of $0.5 billion per year and a debt of $2 billion at the end of the 4 years. C) a budget surplus of $0.5 billion per year and a surplus of $2 billion at the end of the 4 years. D) a budget deficit of $0.5 billion per year and a budget surplus of $2 billion at the end of the 4 years.
All of the following statements are examples of positive economic analysis except
A) as the unemployment rate decreases, fewer people are willing to relocate to find jobs. B) as the economy improves, more workers from other countries are migrating to the United States. C) exports from the United States should be increased to offset the growing number of imports into the United States. D) the U.S. economy is growing at a slower rate than the economy of Brazil.
One problem associated with a monopoly firm is that it
A) produces too little output but also charges a low price. B) produces too much output and charges too low a price. C) restricts output and charges a relatively higher price than a purely competitive firm. D) is just as good as a purely competitive firm in terms of output and price.
A natural monopoly arises when
a. there are constant returns to scale over the relevant range of output. b. there are economies of scale over the relevant range of output. c. one firm owns a key natural resource. d. the government gives a single firm the exclusive right to produce a particular good or service.