Refer to the information provided in Figure 33.5 below to answer the question(s) that follow.
Figure 33.5Refer to Figure 33.5. The domestic price of oil is $130 per barrel. This country imports 14 million barrels if the world price of oil is
A. $120.
B. $125.
C. $135.
D. $140.
Answer: A
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The rules of accounting generally require that ________ be included in a firm's financial records
A) only explicit costs B) both explicit costs and implicit costs C) only implicit costs D) neither explicit costs nor implicit costs
One characteristic of built-in or automatic stabilizers is that
A) they require no new legislative action by Congress to have an effect. B) they automatically produce surpluses during recessions and deficits during inflation. C) they have no effect on the distribution of income. D) they reduce the size of the public debt during times of recession.
If a firm produces nothing, then its:
A. fixed costs equal zero. B. variable costs equal zero. C. total costs equal zero. D. All of these are true.
Use the above figure. The total revenue earned by the monopolistically competitive firm is
A. $285. B. $180. C. $300. D. $255.