The MC = MR rule for profit maximization applies to monopolists, as well as to firms in perfect competition
Indicate whether the statement is true or false
T
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If a single person has a standard deduction of $6,300, itemized deductions of $6,650, and a personal exemption of $4,000, then the first ________ of income is federal income tax free.
A. $10,300 B. $10,650 C. $16,950 D. $12,950
The theory of new Keynesian inflation dynamics suggests that a fall in aggregate demand would
A) immediately raise real GDP, followed by a more sluggish increase in the price level. B) immediately raise the price level, followed by a more sluggish decline in real GDP. C) immediately reduce real GDP, followed by a more sluggish decline in the price level. D) immediately reduce the price level, followed by a more sluggish decline in real GDP.
The table above shows three production methods to produce 100 automobiles per day. Which of the three methods is technologically efficient?
A) Method A only B) Method B only C) Method C only D) Method A, B and C are all technologically efficient.
Government transfer payments include which of the following?
A) grants to state and local governments B) interest on the national debt C) Social Security and Medicare programs D) national defense