A purely competitive firm will be willing to produce even at a loss in the short run, as long as:
A. The loss is smaller than its total variable costs
B. The loss is smaller than its marginal costs
C. The loss is smaller than its total fixed costs
D. Price exceeds marginal costs
C. The loss is smaller than its total fixed costs
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If a country's real GDP is rising by 3% per year while its population is rising at 5% per year, which of the following is true?
A) Growth in nominal GDP is less than the growth in the population. B) The country's standard of living is falling. C) The country's standard of living is rising. D) Growth in nominal GDP outweighs growth in the population.
What is one result of the Medicare subsidy?
A) The health care industry is more efficient than it otherwise would be. B) Patients may elect to have some treatments that are of low value to them but that are costly to provide. C) The elderly population in the United States receives a lower quality of medical care than what is provided for the elderly population in other countries. D) The number of physicians in the United States has declined.
The successes of the 1960s were ascribed to the effects of
a. classical policies from the 1800s. b. classical policies from the 1930s. c. classical policies from the 1950s. d. Keynesian policies from the 1930s. e. Keynesian policies from the 1950s.
In the United States, the use of CFCs in most aerosol sprays was banned in
a. 1987 c. 2005 b. 1978 d. 1970