If a company's total costs per day increase from $200 to $400 by adding another worker, but its additional benefits are $300, it is sensible to add that additional worker
Indicate whether the statement is true or false
TRUE
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The point of maximum profit for a business firm is where:
A. P = AC. B. TR = TC. C. MR = AR. D. MR = MC.
Which of the following accounts for the largest percentage of all federal expenditures?
A. income security such as Social Security B. national defense C. interest on the public debt D. veterans' services
The primary factor that caused some economists to lose their faith in the Keynesian approach to macroeconomic policy was
A. theoretical proof that Keynes's ideas were invalid. B. the high levels of unemployment that occurred during the Great Depression. C. the presence of both high unemployment and high inflation during the 1970s. D. evidence that Keynes's ideas were useful during economic recessions, but not during economic booms.
As income rises the quantity purchased of normal goods ____ and the quantity purchased of inferior goods _____.
A. rises; rises B. falls; falls C. rises; falls D. falls; rises