A transfer payment is a payment
A) made by the government to its current workers.
B) associated with items exported to other nations.
C) for in-kind services provided to the government.
D) for which no services or goods are rendered.
D
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Briefly explain the concept of opportunity cost. What is the opportunity cost of attending college?
What will be an ideal response?
Suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs at Q1 units of output. This level of output, Q1,
a. exceeds the level of output at which marginal revenue equals marginal cost. b. exceeds the level of output at which marginal cost equals average total cost. c. falls short of the level of output at which price equals marginal cost. d. exceeds the firm's efficient scale of output.
A basic purpose of macroeconomics is to explain:
A. Why businesses pollute. B. How businesses choose the profit-maximizing rate of output. C. Why the economy expands or contracts. D. How and why countries trade with each other.
Use the figure below to answer the following question.
Refer to the three demand curves. A "decrease in quantity demanded" caused by a change in price would be illustrated by a change from
A. point 1 to point 6. B. point 2 to point 5. C. point 5 to point 1. D. point 6 to point 4.