The ________ sought to reduce the federal deficit by $36 billion each year between 1987 and 1991.
A. McCain-Feingold bill
B. Sherman Antitrust Act
C. Cellar-Kefauver Act
D. Gramm-Rudman-Hollings Act
Answer: D
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Figure 10-1
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Suppose a perfectly competitive firm’s situation is shown in Figure 10-1 and the firm is currently producing at D. What can be said about this situation?
A. The firm is suffering an economic loss but is maximizing profits. B. The firm is not suffering an economic loss but is not maximizing profits. C. The firm is not suffering an economic loss and should increase output. D. The firm is suffering an economic loss and should decrease output.
Which of the following most accurately states the function of middlemen?
a. Middlemen add to the expense of buyers and sellers without providing any benefit. b. Our economy would work just as well without middlemen since they do not expand the availability of physical goods. c. Middlemen reduce the number of transactions since they increase the buyer's price and reduce the seller's net revenue. d. Middlemen create value by arranging trades and providing information to buyers and sellers.
Production requires savings because production takes time, during which goods and services are not available from current production
Indicate whether the statement is true or false
A firm is currently producing at the point where MC = MR. The situation for the firm at this point is P = $5, Q = 100, ATC = $6, AVC = $5.50. What do you recommend this firm do?
A) Increase production above the current output rate, because MC = MR at this rate of output. B) Continue to produce the current output rate, because P > AVC. C) Shut down, because AVC > P. D) Shut down, because ATC > P.