The firm's break-even point occurs at an output of
A. 40.
B. 45.
C. 50.
D. 55.
C. 50.
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Neoclassical growth theory is based on the proposition that real GDP per person grows when
A) the population growth rate increases. B) the population growth rate decreases. C) technological advances occur. D) saving decreases.
The two types of open market operations are
A) offensive and defensive. B) dynamic and reactionary. C) active and passive. D) dynamic and defensive.
Which of the following is true?
a. Once the equilibrium price and output is reached, all the mutually beneficial trade opportunities between suppliers and demanders will have taken place, and the sum of consumer and producer surplus is maximized. b. The deadweight loss of a tax is the difference between the lost consumer and producer surplus and the tax revenue generated. c. Those goods that are heavily taxed often have a relatively inelastic demand curve in the short run, so that the burden falls mainly on the buyer, and the deadweight loss to society is smaller than if the demand curve was more elastic. d. All of the above are true.
Congresswoman Gaga represents a state in which several firms manufacture furniture. She wants to impose tariffs on all imported furniture. Which of the following is the least likely consequence of such tariffs?
a. Domestic furniture buyers will lose consumer surplus, have less variety, and will pay higher prices. b. Domestic furniture producers will gain producer surplus. c. Domestic furniture producers will have a higher rate of technological advance. d. Domestic furniture producers will have more market power.