The inflation rate for the economy as a whole is a
a. normative value judgment
b. positive value judgment
c. macroeconomic statistic
d. microeconomic statistic
e. critical assumption
C
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An imperfectly competitive firm has the following demand curve: Q = 100 - 2P. What is marginal revenue equal to when P = 30?
What will be an ideal response?
Economies of scale exist whenever long-run average costs:
a. Increase as output is increased b. Remain constant as output is increased c. Decrease as output is increased d. Decline and then rise as output is increased e. None of the above
Suppose the U.S. government imposes a maximum price of $5 per gallon of gasoline, and the current equilibrium price is $3.50 per gallon. This policy represents a:
A. binding price floor. B. non-binding price floor. C. non-binding price ceiling. D. binding price ceiling
The revenue in the Social Security Trust Fund first fell below the benefits it paid out in 2010. If this trend continues, the Trust Fund will be depleted. What change(s) occurred to cause the revenue to fall below the benefits?
A. The U.S. Treasury Securities in which the Trust Fund is invested began paying out less interest. B. Life expectancy is rising and a larger number of people are retiring. C. The age at which retired individuals could start collecting benefits was lowered. D. People were allowed to start privately investing some of their money in stocks and lost money through risky investments.