Deficits and surpluses are best viewed as:
A. comprehensive measures of government's budget.
B. a summary measure of the financial health of the economy.
C. a summary measure of a nation's fiscal policy.
D. a summary measure of a nation's monetary policy.
Answer: C
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Costs paid in money to hire a resource is
A) normal profit. B) an implicit cost. C) an explicit cost. D) an alternative-use cost. E) economic profit.
The figure above shows the market demand curve for pizza
a) What is the marginal social benefit of the 20th pizza? b) What is the maximum price a consumer is willing to pay for the 20th pizza? c) If the price of a pizza is $6, what is the consumer surplus of the 20th pizza? d) If the price of a pizza is $10, what is the consumer surplus? e) If the price of a pizza is $6, what is the consumer surplus?
Foreign factories produce ________ of the shoes New Balance sells in the United States
A) none B) less than 15 percent C) roughly half D) about 75 percent
Constant returns to scale refers to when:
A. an increase in the quantity of output decreases average total cost in the long run. B. an increase in the quantity of output increases average total cost in the long run. C. average total cost does not depend on the quantity of output in the long run. D. None of these is true.