The break-even point is defined as occurring at an output rate at which
A) total revenue equals total opportunity cost.
B) economic profit is maximized.
C) marginal revenue equals marginal cost.
D) total cost is minimized.
A
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As the market price of a service increases, more potential sellers will decide to perform that service because:
A. more potential sellers will find that the market price exceeds their reservation price. B. higher prices result in higher revenue. C. it's more prestigious to produce high-priced services. D. higher prices lead to lower opportunity costs.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Are jobs the key to economic progress and the achievement of high income levels?
What will be an ideal response?
Who determines U.S. monetary policy?
A. Congress B. The Internal Revenue Service C. The Federal Reserve D. The president