Using the figure above, suppose education is provided by public colleges, where tuition is set at $10,000 a year. Then, ________ million students are enrolled, and the taxpayers cover ________ of marginal cost per student
A) 15; $15,000
B) 7.5; $5,000
C) 3.5; none
D) 15; $25,000
E) 7.5; $15,000
A
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Speculation during periods of inflation can result in all of the following except
A. A movement inward from the production possibilities curve. B. People buying resources for resale later, rather than using the resources for current production. C. More resources going into the production process. D. People buying gold, silver, jewelry, and the like instead of capital for production.
Which of the following is true for a purely competitive firm in short-run equilibrium?
A. The firm is making only normal profits B. The firm's marginal cost is greater than its marginal revenue C. The firm's marginal revenue is equal to its marginal cost D. A decrease in output would lead to a rise in profits
The five most important variables that determine the level of consumption are
a. disposable income, wealth, expected future income, price level, and interest rate b. wealth, savings account balances, checking account balances, stock portfolio balances, and bond portfolio balances c. government purchases, interest rates, income, taxes, and transfers d. government purchases, saving account balances, wealth, interest rates, portfolio balances
While smoking is on the decline in the United States, China is still puffing away madly. That's not because the government is eager to protect its citizens from the hazards of smoking It's because China is eager to protect its own tobacco industry which is a state monopoly. Why did China announce in 2009 that it won't allow foreign companies to build new cigarette factories or enter joint ventures?
A) because China is concerned about the negative effects of smoking B) because China wants to protect the economic profits its state monopoly makes C) because China wants to protect jobs D) because China regulates the tobacco industry