Refer to the table shown. Marginal cost is minimized when how many units of output are produced?Units of outputTotal cost05111216320423525626
A. 3
B. 4
C. 5
D. 6
Answer: D
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When current government expenditures exceed current tax revenues and the economy is achieving full employment:
A. the cyclically adjusted budget has neither a deficit nor a surplus. B. the cyclically adjusted budget has a deficit. C. fiscal policy is contractionary. D. the cyclically adjusted budget has a surplus.
Suppose that 50 hot dogs are demanded at a particular price. If the price of hot dogs rises from that price by 5 percent, the number of hot dogs demanded falls to 48 . Using the midpoint approach to calculate the price elasticity of demand, it follows that the
a. demand for hot dogs in this price range is unit elastic. b. price increase will decrease the total revenue of hot dog sellers. c. price elasticity of demand for hot dogs in this price range is about 1.22. d. price elasticity of demand for hot dogs in this price range is about 0.82.
An excise tax on an imported good that is not produced domestically is called a:
A. protective tariff. B. import quota. C. revenue tariff. D. voluntary export restriction.
During the 1990s, Japan experienced periods of deflation and very low nominal interest rates, approaching zero percent. Why would lenders of money agree to a nominal interest rate of almost zero?
What will be an ideal response?