If the federal government has a budget surplus, then it is definitely the case that
A) tax revenue exceeds government outlays.
B) tax revenue and government outlays are equal.
C) the tax revenue is falling and government outlays are rising.
D) government outlays exceed tax revenue.
E) the tax revenue is rising and government outlays are falling.
A
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Jodie has indifference curves for CDs and colas, with CDs on the vertical axis. The flatter her indifference curves are, the
A) smaller her average rate of substitution. B) larger her average rate of substitution. C) smaller her marginal rate of substitution. D) larger her marginal rate of substitution.
The expression "social market economy," when applied to the German economic system, refers to
a. the poor performance of the German economy after World War II. b. the absence of national economic planning. c. the combination of state intervention and market forces to achieve desired social goals. d. the rejection of private ownership. e. none of the above.
The following linear demand specification is estimated for Conlan Enterprises, a price-setting firm:Q = a + bP +cM +dPRwhere Q is the quantity demanded of the product Conlan Enterprises sells, P is the price of that product, M is income, and PR is the price of a related product. The results of the estimation are presented below:
Given the above, at the 1% level of significance, the critical value of the t-statistic used by Conlan to test for statistical significance has ________ degrees of freedom and is equal to ________.
A. 32; 36.14 B. 30; 2.750 C. 32; 4.57 D. 32; 0.7984 E. 28; 2.763
When a firm is at its minimum efficient scale of operation, it produces the
A. minimum rate of output consistent with lowest long-run marginal cost. B. minimum rate of output at which long-run average cost is minimized. C. maximum rate of output at which long-run average cost is minimized. D. maximum rate of output consistent with lowest long-run marginal cost.