In the short run a firm will operate if ______ is greater than __________.
Fill in the blank(s) with the appropriate word(s).
total revenue; variable cost
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If all international factor payment flows are investment income, then net investment income from abroad equals
A) net exports. B) the current account balance. C) the trade balance. D) net income from abroad.
If the production of a good generates a detrimental externality, then at that level of production of the good under perfect competition,
A. MU = MSC. B. P < MPC. C. MPC < MSC. D. MPC > MSC.
Shortages are the same thing as excess:
A.) Supply caused by price floors. B.) Supply caused by price ceilings. C.) Demand caused by price floors. D.) Demand caused by price ceilings.
Which of the following will most likely have the greatest effect on an individual’s consumption function?
A. Winning a small amount in the lottery B. A one-time tuition grant C. A week of high overtime pay D. An inheritance paying a modest annual dividend