Currently, the national debt is approximately:
a. 10 percent of GDP.
b. 60 percent of GDP.
c. 80 percent of GDP.
d. 120 percent of GDP.
c
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When price is greater than both marginal cost and average variable cost, the perfectly competitive firm
A) is maximizing economic profit. B) should increase its level of output. C) should reduce its level of output. D) should stop production.
Which of the following would shift the production possibilities frontier outward?
a. an increase in the size of the labor force b. more efficient use of existing resources and technology c. the government prints more money d. the end of a strike by a labor union e. society's desire to produce more of one of the goods
Interdependence among firms is characteristic of: a. perfectly competitive markets
b. monopoly markets. c. oligopoly markets. d. monopolistically competitive markets.
In a common-value setting
a. Oral auctions tend to return higher prices
b. Sealed bid auctions tend to return higher prices
c. Vickery auctions tend to return higher prices
d. Rotating bid auctions tend to return higher prices