Profit is equal to
A. total revenue minus total cost.
B. total revenue divided by total cost.
C. total revenue divided by marginal revenue.
D. marginal revenue minus marginal cost.
Answer: A
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Countries in which wages adjust slowly to changes in the supply of and demand for labor are likely to have ________ sacrifice ratio
A) an infinite B) a high C) a low D) a zero
The switch from AFDC to TANF took place in
A. 1937. B. 1986. C. 1996. D. 1998.
Why does the NPV of a college education tend to be positive but relatively small?
A) College students tend to be young and poor, so their opportunity cost of capital is high. B) College graduates typically have limited on-the-job skills, so their initial returns from the education investment tend to be small. C) There are few barriers to entry for a college education. D) Most of these studies are based on nominal interest rates, so the NPV is smaller than we would achieve under real interest rates.
If the objective of economic policy is to decrease the amount of pollution by an industry in the long run, the
a. most effective policy action would be a subsidy to firms for the reduction of emissions. b. most effective policy action would be a tax on polluting firms. c. appropriate course of action for government is to do nothing. d. appropriate course of action for government is to increase R&D outlays to develop technology to remove the emissions from the environment.