An industry is producing at the least-cost rate of production when:
A. Marginal cost is greater than average total cost
B. Marginal revenue is greater than price
C. Price and the minimum average cost are equal
D. Price and marginal revenue are equal
C. Price and the minimum average cost are equal
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The market supply curve is found by
A) horizontally summing all individual supply curves. B) vertically summing all individual supply curves. C) Either A or B above since they both give the same answer. D) None of the above.
which is correct?
Federal Reserve notes are an asset to the Federal Reserve. Gold is a liability to the Federal Reserve. Foreign exchange is an asset to the Federal Reserve.
When unanticipated inflation occurs:
A. creditors are hurt, but debtors benefit. B. both creditors and debtors benefit. C. debtors are hurt, but creditors benefit. D. both creditors and debtors are hurt.
The double taxation of corporate profit in the United States refers to the fact that
A. depreciation is not a deductible expense. B. tax rates on partnerships are very high. C. corporate profit is first taxed and then any dividends paid are subject to personal income tax. D. proprietorships are not subject to any tax on earnings.