If total revenue exceeds fixed cost, a firm
A) is making short-run profits.
B) should produce in the short run.
C) has covered its variable cost.
D) may or may not produce in the short run, depending on whether total revenue covers variable cost.
D
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The amount of time that it takes to identify a national economic problem is
A) the effect time lag. B) the action time lag. C) the recognition time lag. D) fiscal policy.
When the price level is low and the demand for domestic goods increases, how does it affect international trade?
A) Prices of all international goods will increase. B) Prices of all international goods will decrease. C) Net exports will decrease. D) Net exports will increase.
College education tends to result in a positive externality because the recipient receives the full benefit of the education
Indicate whether the statement is true or false
At the start of the Civil War, the population in the U.S. was about half that of the United Kingdom
Indicate whether the statement is true or false