Federal government spending on Social Security, Medicare, and Medicaid as a percentage of GDP rose from
a. 10 percent in 1950 to more than 50 percent today.
b. 10 percent in 1950 to more than 20 percent today.
c. 1 percent in 1950 to more than 10 percent today.
d. 1 percent in 1950 to more than 20 percent today.
c
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The price-output combination that maximizes profits for a monopolist occurs at the point where
A) total revenues and total costs are equal. B) the difference between total revenues and total costs is the greatest. C) total revenues are the greatest. D) the elasticity of demand equals one.
Given the information in the table shown, what is the average revenue when 24 units are produced?
This table shows price and quantity produced for a single firm in a perfectly competitive market.
A. $240
B. $10
C. $24
D. $2.40
When customers buy the exact amount of goods that producers are selling at a specific price, the __________ price exists.
A. market B. equilibrium C. unit D. production
A measurement in terms of current dollar value is called a(n) ________ quantity.
A. indexed B. real C. nominal D. deflated