Between 1961 and 1972, the federal government spent as much on ______ as it did on building highways.
A. welfare
B. space exploration
C. Medicare
D. crop subsidies
Answer: B
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You own shares in a well-managed and diversified company. If a booming economy decreases investors' concerns about market risk, then the price of your shares will ________, holding other factors constant.
A. decrease. B. not change. C. increase. D. either increase or decrease.
Once a firm’s marginal revenue curve is known, the output level can be determined.
Answer the following statement true (T) or false (F)
Accountants and Economists differ in their calculations of profits in that;
a. economists consider sunk costs b. accountants consider implicit costs only c. accountants consider explicit costs only d. all of the above
The average total cost incurred by a firm is calculated by dividing:
a. the change in total cost by the change in the quantity of output. b. total output by the number of people employed. c. the change in total output by the change in the number of people employed. d. total cost by total output. e. total output by total cost.