The Oh So Humble Bakery sells 300 muffins at a price of $1 per muffin. Its explicit costs for producing 300 muffins are $250. The Oh So Humble Bakery's economic profits are
A. $35.
B. $50.
C. $250.
D. indeterminate from this information.
Answer: D
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The data in the table above shows the consumption by families in a small (poor) economy. The families consume only salt and bread. The reference base period is 2011. The CPI in 2011 is
A) 94.2. B) 140.5. C) 124. D) 100. E) 106.2.
In the above figure, the firm is incurring an economic loss at
A) point a. B) point c. C) points b and d. D) points a, b, and d.
Consider the following statements when answering this question I. It is impossible to shift taxes from producers to consumers without hurting the latter. II. Only polluters pay (through production taxes) for the environmental damage they cause
A) I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) I and II are false.
The Laffer curve belongs to which of the following schools of economic thought?
a. Keynesian b. Supply-side c. Classical d. Demand management