If two products are homogeneous, then they
A. Are identical.
B. Differ from each other.
C. Are similar to each other.
D. Must be used together.
Answer: A
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Suppose the government cuts taxes by $300 million dollars this year and must pay off its debt next year by increasing taxes by $300 million
According to Ricardian equivalence, consumption spending will ________ this year and ________ next year, all else equal. A) increase by $300 million; decrease by $300 million B) increase by $150 million; decrease by $150 million C) increase by $300 million; not change D) not change; not change
If a good or service is sold in a competitive market free of government regulation, then the price of the good or service adjusts to balance supply and demand
a. True b. False Indicate whether the statement is true or false
In order to maximize profits in the short run, a firm should produce where
a. marginal revenue exceeds marginal cost by the greatest amount. b. marginal cost is minimized. c. average total cost is minimized. d. marginal cost equals marginal revenue.
If there is an increase in industry supply while the industry demand remains the same, then an individual firm in a perfectly competitive industry currently earning negative profits will see its profits
A. decrease further. B. increase. C. not change. D. impossible to determine