If the nominal deficit is $100 billion, inflation is 10 percent, and total debt is $2 trillion, then the real deficit is:
A. ?$20 billion (a surplus).
B. $100 billion.
C. $20 billion.
D. ?$100 billion (a surplus).
Answer: D
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Jeremiah spends all of his income on oranges and cookies, which are normal goods. If Jeremiah's income decreases, he will buy ________ oranges and ________ cookies
His marginal utility from oranges will ________ and his marginal utility from cookies will ________. A) fewer; fewer; decrease; increase B) more; more; decrease; decrease C) the same quantity of; fewer; remain constant; decrease D) fewer; fewer; increase; increase
What is always true at the quantity at which average total cost equals average revenue?
a. economic profit is zero b. marginal cost equals marginal revenue c. economic profit is maximized d. revenue is maximized e. cost is minimized
Government standards for products sold in the domestic market can have the effect of protecting domestic producers from foreign competition
a. True b. False Indicate whether the statement is true or false
Game theory suggests that acting in our own immediate best interest leads to the best possible outcome.
Answer the following statement true (T) or false (F)