If the government spends less than what it receives in taxes during a given interval, then the result is
A) a balanced budget.
B) an entitlement.
C) unrealized public debt.
D) a government budget surplus.
D
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Use the above table. If the marginal revenue product is $10, how many workers will the profit maximizing monopsonist hire?
A) 1 B) 2 C) 3 D) 4
Suppose a firm has a weekly cost function of C(Q) = 8Q + (Q2/100) and a marginal cost function of MC = 8 + (Q/50). What is the efficient scale of production, and what is the minimum average cost?
A. Qe = 0; AC = $0 B. Qe = 0; AC = $8 C. Qe = 8; AC = $8 D. Qe = 8; AC = $64.64
Banks must keep an amount equal to a percentage of their deposits on hand as:
A. savings accounts. B. excess reserves. C. required reserves. D. safe deposit reserves.
Refer to the following payoff matrix:Player 1Player 2??Low QHigh Q?Low Q$50,$5$15,$30?High Q$40,$2$2,$1Suppose the simultaneous-move game depicted in the payoff matrix could be turned into a sequential-move game with player 1 moving first. In this case, the equilibrium payoffs will be:
A. ($50, $5). B. ($40, $2). C. ($20, $1). D. ($15, $30).