Which of the following is a measure of overall economic well-being for the United States?
A. The U.S. unemployment rate
B. U.S. population growth
C. The behavior of U.S. monopolies
D. The price of fuel in Oregon
A. The U.S. unemployment rate
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In order to maximize profits, a firm should decrease output whenever total cost exceeds total revenue
a. True b. False
In the figure at? right, assume this firm is operating on d3. Which is? true?
A. This firm is breaking even
B. This firm is earning an economic profit
C. This firm's total revenue equal HRD0
D. This firm is experiencing an economic loss
Which of the following is an example of a normative statement?
A. Higher prices cause consumers to buy less. B. There should be no unemployment in an advanced industrial society. C. Equilibrium price implies that quantity demanded equals quantity supplied. D. The unemployment rate is six percent.
All of the following are assumptions of the production possibilities curve EXCEPT
A) resources are fully employed. B) there is a fixed time period. C) there is a fixed level of technology. D) there is a fixed demand for the products.