In equilibrium, which of the following conditions is common to both unregulated monopoly and pure competition?
A) P = MR
B) AR = ATC
C) MR = MC
D) MC = P
C
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After experiencing its first budget surplus in 30 years in 1998, for how many consecutive years following that did the budget remain in a surplus state?
A) 1 B) 2 C) 3 D) 4
The value of goods, services, incomes or wealth subject to taxation is
A) the tax base. B) a sales tax. C) the collected tax revenue. D) a unit tax.
An example of a U.S. import would be:
A. a French bottle of wine consumed by an American. B. an Apple computer, made in the U.S., purchased by a U.S. college student who plans to study abroad in France. C. a bushel of apples that Canadians pick and enjoy during a lovely fall day in Vermont. D. an Apple computer, made in the U.S., purchased by a French student.
Consider the following information regarding a person's decision to go to college: college tuition is $20,000 per year, room and board is $10,000 per year, and books and materials are $2,000 per year. Suppose that instead of going to college this person could have earned $18,000 working in a store. An economist would calculate the cost of going to college as
a. $20,000. b. $30,000. c. $32,000. d. $50,000. e. $18,000.