Production possibilities in an economy decrease as more resources and better technology are utilized.
Answer the following statement true (T) or false (F)
False
More resources and better technology create a greater capacity to produce.
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If the firms in a competitive price-searcher market are earning zero economic profit, this indicates that the
a. market is not in long-run equilibrium. b. firms are earning the normal rate of return. c. firms are performing worse than the firms in other markets. d. firms are performing better than firms in other markets.
The U.S. federal government collects taxes in a number of ways. Rank the following sources of revenue from the largest to the smallest
a. corporate income taxes, individual income taxes, social insurance taxes b. social insurance taxes, individual income taxes, corporate income taxes c. individual income taxes, social insurance taxes, corporate income taxes d. individual income taxes, corporate income taxes, social insurance taxes
Goods that are produced but not immediately sold
A. count in the GDP as private investment. B. do not count in the GDP. C. count in the GDP as a change in private inventories. D. count in the GDP as intermediate input.
If a firm's sales are $6 million, its fixed costs are $7 million, and its variable costs are $4 million, what does it do in the (a) short run and (b) long run?
What will be an ideal response?