European agricultural practices perfectly served the colonists farming in the New World
Indicate whether the statement is true or false
False
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Economic profit is
A) equal to the firm's total revenue minus its opportunity costs. B) an opportunity cost of operating the firm. C) equal to the firm's total revenue minus its normal profit. D) the average return for supplying entrepreneurial ability.
Suppose the banks in the Federal Reserve System have $100 million in transactions accounts and the reserve requirement is 0.10. Ceteris paribus, if the reserve requirement is decreased to 0.07, then excess reserves will increase by:
A. $3 million. B. $7 million. C. $10 million. D. $700 billion.
This graph shows the marginal cost and marginal benefit associated with roadside litter clean up. Assume that the marginal benefit curve and marginal cost curve each have their usual slope.
The socially optimal number of bags of litter removed from the roadside each day is:
A. 15. B. 10. C. 20. D. 30.
In the following equation, govrev represents total government revenue in a given year, and taxrate represents the tax rate, which can take on a value ranging from 0 to 1. govrev = 0.31 + 0.42 taxrate - 0.71 taxrate At what taxrate is govrev maximized?
A. 0.59 B. 0.30 C. 0.15 D. 0.37