Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. If the market price is $17, then in the short run the firm will
A. operate and expand.
B. operate but not expand.
C. shut down, but not go out of business.
D. go out of business.
Answer: B
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When the government grants an inventor a patent
A) he has the exclusive right to make, sell or use his invention for 5 years. B) the protection of a current invention would increase spending on R&D. C) the patent holder has less incentive to invest in R&D because one successful invention removes the need to develop others. D) the patent holder is guaranteed a profit on his invention.
A regressive income tax is defined as a tax for which
A) total taxes paid increase with the level of income. B) total taxes paid are independent of the level of income. C) the average tax rate increases with the level of income. D) the average tax rate decreases with the level of income.
A perfectly competitive firm is a “price maker.”
Answer the following statement true (T) or false (F)
The National Bureau of Economic Research (NBER), a private group, is responsible or declaring when recessions begin and end. The Bureau of Economic Analysis (BEA), part of the federal government, might now want to take on this responsibility. Which one of the following is the most appropriate reason for the BEA's refusal?
A. Congress has established that its committees should be responsible for dating recessions. B. More economists work for the NBER than do for the BEA C. Because it is part of the government, the BEA could be pulled into politics with the dating of recessions D. The BEA does not have as much data s the NBER