President Eisenhower warned us to "Beware of the ___________."
Fill in the blank(s) with the appropriate word(s).
military-industrial complex
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Thomas Edison once complained that he was not making a profit selling light bulbs because his plants were operating 25 percent below capacity. He estimated that he could increase output 25 percent with a 2 percent increase in the cost of production. He sold the 25 percent on the foreign market at a price below what he called the "cost of production." We can deduce that Edison really meant
a. Marginal cost was below average cost but less than marginal revenue. b. Average cost exceeded variable cost, which exceeded marginal revenue. c. Variable cost exceeded fixed cost but was less than marginal revenue. d. Marginal cost was above average cost but greater than marginal revenue.
If the marginal rate of substitution between future and current consumption is less than one, then this consumer exhibits
A. a positive time preference. B. a negative time preference. C. an increasing preference. D. a neutral time preference.
Which set of events would most likely decrease aggregate demand?
A. An increase in personal income tax rates. B. A reduction in the excess capital of the existing capital stock. C. A reduction in business and personal tax rates. D. An increase in investment spending.
Refer to the diagram below for the milk market. If the price were $2 per gallon, then there would be a:
A. Shortage of 20 million gallons
B. Shortage of 10 million gallons
C. Surplus of 10 million gallons
D. Surplus of 30 million gallons