Social Security is the second-largest government redistribution program
a. True b. False
b
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A perfectly competitive firm is definitely making an economic profit when
A) MR < MC. B) P > ATC. C) P < ATC. D) P > AVC.
In order to change inflationary expectations in 1979, the Fed's monetary policy under Paul Volcker's leadership resulted in ________ and ________
A) steep inflation; low unemployment B) deflation; high unemployment C) disinflation; low unemployment D) disinflation; high unemployment E) steep inflation; high unemployment
In a two-period model, holding everything else constant, an increase in current taxes
A) unambiguously increases the current account surplus. B) unambiguously decreases the current account surplus. C) has an uncertain effect on the current account surplus. D) has no effect on the current account surplus, as long as Ricardian equivalence holds.
The average cost for a typical electric-power-production firm is AC = 100 - 10Q + Q2 where Q is measured in billion kilowatt hours per day. At the current regulated price, consumers demand 4 billion kilowatt hours per day
Is this market a natural monopoly? If demand increases to 10 billion kilowatt hours, is this market a natural monopoly? Explain.