Government spending as a percent of national income
A. has been steadily climbing since 1900.
B. peaked during the Nixon administration.
C. has been almost constant this century.
D. peaked during World War II.
Answer: D
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In the short run, when a firm stops producing it:
A. must be that ATC is lower than market price. B. can avoid earning profits less than zero. C. avoids paying variable costs. D. avoids paying fixed costs.
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.
In the figure above, if pizza production is restricted to 5,000 pizzas a day, the deadweight loss is
A) $45,000 per day. B) $12,500 per day. C) $22,500 per day. D) $90,000 per day. E) zero.
If the utility for two goods "x" and "y" is measured as U = x + y, then it can be concluded that
A) "x" and "y" are perfect substitutes. B) "x" and "y" are perfect complements. C) "x" and "y" are both bads. D) the indifference curves on the x,y graph will be upward sloping.