If a perfectly competitive firm is currently producing where ________, then the firm will earn zero profits.
A. P > MC and MC = ATC
B. P < MC and MC > ATC
C. P = MC and MC < ATC
D. P = MC and MC = ATC
Answer: D
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The following problems could be analyzed using probit and logit estimation with the exception of whether or not
A) a college student decides to study abroad for one semester. B) being a female has an effect on earnings. C) a college student will attend a certain college after being accepted. D) applicants will default on a loan.
Which term refers to the exploitation of highly demanded shared resources?
a. Tragedy of the commons b. Free rider problem c. Negative externality d. Common pool resourcing
Suppose the country of Mankiwland has a new king, King Gregory. For the purpose of efficiency King Gregory's chief economic advisor would encourage him to design his country's tax system to minimize (i) deadweight losses from taxes. (ii) administrative burdens from taxes. (iii) the tax payments themselves. (iv) government expenditures to correct for market failures
a. (i) only b. (i) and (ii) only c. (iii) and (iv) only d. (i), (ii), (iii), and (iv)
Aggregate measures are
A. determined by the government. B. used only by policymakers but not by firms. C. anything to do with economics. D. a total measure of a variable in the economy.