Answer the following questions true (T) or false (F)
1. Government intervention in agriculture began in the United States in the 1890s.
2. Rent control is an example of a price floor.
3. Price floors are illegal in the United States.
1. FALSE
2. FALSE
3. FALSE
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GDP is used in an attempt to
A) calculate the profitability of a country. B) measure the economic performance of a country. C) determine the overall well-being of a country. D) figure out the prices of all goods and services exchanged in the legal economy. E) guide entrepreneurs toward more profitable investment decisions.
Which of the following would the Fed increase in order increase the supply of money?
a. open market purchases of government bonds b. reserve requirements c. discount rate d. all of the above
The monopolist chooses to produce:
A. at a higher quantity than the perfectly competitive firm. B. where marginal cost equals marginal revenue. C. at an efficient outcome. D. at a cost that is equal to a competitive one.
The Sunshine Corporation finds its costs are $40 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table. Use this information to answer the following question.OutputTVC1$302503654855110Refer to the above information. The total cost of producing 3 units of output is:
A. $185. B. $105. C. $65. D. $145.