In economics we assume that the goal of a firm is to
A) minimize costs.
B) maximize revenue.
C) maximize economic profits.
D) maximize total sales.
Answer: C
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If the price of rocket fuel imported from Russia and used by NASA suddenly increases, then the U.S. CPI will ________ and the U.S. GDP deflator will ________
A) increase; not change B) increase; increase by more than the CPI C) not change; increase D) increase; increase E) not change; not change
When a budget deficit occurs in the United States, the U.S. Treasury finances this deficit by
A) borrowing. B) imposing a moratorium of new government spending. C) increasing the tax rate. D) printing more dollars.
Which of the following best describes an oligopoly?
a. A few firms selling all automobiles b. One firm providing all tap water c. A few firms banding together to set gas prices d. Two firms manipulating e-book prices
If the secular trend of labor productivity rises from 2 percent per year to 4 percent, the number of years that it will take for the standard of living to double will decline by about:
A. 23 years. B. 5 years. C. 17 years. D. 10 years.