For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat all of the meals, your average cost for a meal is:
A. $4.
B. $0.25.
C. $5.
D. $6.
Answer: A
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The deadweight loss of a tariff
A) is a social loss because it promotes inefficient use of national resources. B) is a social loss because it reduces the revenue of the government. C) is not a social loss because it merely redistributes revenue from one sector to another. D) is not a social loss because it is paid for by rich corporations. E) is not a social loss because it aids domestic consumers.
Those who favor an active approach to policy believe that:
a. discretionary monetary policy cannot be used to help the economy since monetary policy lags are long. b. discretionary fiscal policy cannot be used to help the economy since fiscal policy lags are long c. lags associated with implementing policies are too long and unstable for discretionary policy to be effective. d. despite the lags involved, implementing discretionary policy is preferable to inaction. e. the discretionary fiscal policy cannot be used to help the economy since it leads to inflation.
Monopoly firms may lead to higher costs than perfectly competitive firms
a. True b. False Indicate whether the statement is true or false
Which of the following best explains why a firm in a competitive price-taker market must take the price determined in the market?
a. The short-run average total costs of firms that are price takers will be constant. b. If a price taker increased its price, consumers would buy from other suppliers. c. Firms in a price-taker market will have to advertise in order to increase sales. d. There are no good substitutes for the product supplied by a firm that is a price taker.