Public finance economists should only concern themselves with positive economic analysis
a. True b. False
b
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Suppose the fixed cost of Christmas trees business is $7,000 and sunk. The variable cost for each tree is $20. According to the forecast, the market price for Christmas trees is $25 each and the owner could sell 1000 trees at most each year
The owner A) should shut down the business. B) should keep operating. C) should sell less. D) None of the above.
Refer to Figure 8.9. At the market price of $18, if this farmer produces the profit maximizing quantity, what profit will he make? A) $0 B) $2,000 C) $700 D) indeterminant from this information
A shift of the demand curve to the left represents
A) an increase in demand. B) a decrease in demand. C) an increase in quantity demanded. D) a decrease in quantity demanded.
In the United States, health care spending on people ________ is six times greater than on people ________
A) under age 3; over age 65 B) aged 18 to 24; 25 to 44 C) over age 65; aged 18 to 24 D) over age 65; aged 25 to 44