The cumulative total of the federal government's budget deficits has been greater than the total of its surpluses
a. True
b. False
A
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Public goods, like national defense, are usually funded through government because: a. no one cares about them, because they are public
b. it is prohibitively difficult to withhold national defense from someone unwilling to pay for it. c. they cost too much for private firms to produce them. d. they provide benefits only to individuals, and not firms.
The optimal use of resources is achieved if
a. price = average total cost (ATC) b. price = marginal cost c. price = marginal revenue d. price = total cost e. price = total revenue
A movement along the supply curve might be caused by a change in
a. production technology. b. input prices. c. expectations about future prices. d. the price of the good or service that is being supplied.
Let the TC curve be given by the equation TC(Q) = 6Q. The FC curve can be expressed as
A. 6Q. B. 6. C. 0. D. It cannot be determined with the information given