At the end of 2014, the net national debt per person in the United States was approximately
a. $14 trillion.
b. $142 billion.
c. $56,000.
d. $86,000.
c
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The production possibilities frontier separates ________
A) the goods and services that people want from those that they do not want B) the types of goods that can be attained from those that can't be attained C) the quantities of goods and services that can be produced from those that cannot be produced D) the combinations of goods that people value and those that they don't
A theory is a(n) __________ representation of how two or more variables interact with each other.
a. simplified b. complex c. alternative d. contradictory
The ability-to-pay principle is most closely tied to the concept of
A. horizontal equity in taxation. B. fiscal federalism. C. vertical equity in taxation. D. the benefits principle of tax equity.
The Exclusive Gift Company has a monopoly over the sale of gold hula hoops. This company is currently pricing and producing where marginal revenue is equal to marginal cost. It is selling 50 gold hula hoops at a price of $5,000 each. Total costs for the company are $300,000 of which fixed costs are $100,000. You are hired as an economic consultant to this company. You should advise this monopolist to
A. produce in the short run and expand capacity in the long run. B. shut down in the short run but expand capacity in the long run if conditions do not change. C. produce in the short run but exit the industry in the long run if conditions do not change. D. shut down in the short run and exit the industry in the long run.