In the United States, since the Great Depression, the federal government has:
a. run budget deficits only in periods of recession
b. run a budget deficit in almost every year.
c. practiced a policy of annually balancing the budget.
d. run budget deficits only in wartime.
e. run a surplus in most years.
b
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Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49If the market for mugs is perfectly competitive, and mugs sell for $7.50 each, then at his profit-maximizing level of output, Chris will earn a ________ of ________ per day.
A. loss; $10 B. profit; $30 C. loss; $2 D. profit; $2
If consumer purchases of a good are highly sensitive to the price of the good, this is illustrated by a
What will be an ideal response?
The Japanese yen is an example of a soft currency.
a. true b. false
The price of a seller's product in perfect competition is determined by
A) the individual seller. B) the individual demander. C) market demand and market supply. D) a few of the sellers.