Suppose we shopped for a basket of goods in Year 1 and it cost $350. Suppose the same basket of goods adds up to $385 in Year 2. If we use Year 1 as a base year, what would be the Year 2 CPI?
A. 35.
B. 90.
C. 100.
D. 110.
Answer: D
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Suppose that the profit maximizing level of output for the monopolist is 100 units, and ATC = $45.00; MC = $35.00; MR = $35.00; P = $50.00. What is the monopoly's profit?
A) -$1000 B) $4500 C) $5000 D) $500
Which of the following holds true at the chosen level of output in the long run for firms in a perfectly competitive market?
A. MR = AVC B. P = minimum AVC C. P = MC D. MR > ATC
According to the definitions of national saving and private saving, if Y, C, and G remained the same, an increase in taxes would
a. raise both national saving and private saving. b. raise national saving and reduce private saving. c. leave national saving and private saving unchanged. d. leave national saving unchanged and reduce private saving.
The national defense argument has been used in the past to justify trade restrictions by firms in the peanut industry and the pottery industry
Indicate whether the statement is true or false