If total revenue exceeds the total cost of production, a firm
A. suffers a loss.
B. shuts down.
C. earns a profit.
D. breaks even.
Answer: C
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The diamond-water puzzle, described by Adam Smith, suggests that the consumer’s surplus of water is high and the consumer’s surplus for diamonds is low.
Answer the following statement true (T) or false (F)
If 2009 is the reference base period, what is the price index for the CPI basket of goods for 2015 in the above table?
A) 97.3 B) 102.8 C) 128.0 D) zero because the price of Blu-rays fell and the price of water increased
If the effective rate of protection is greater than the nominal rate of protection, there must be tariffs on intermediate products
Indicate whether the statement is true or false
The maximum amount of EITC benefit in 2012 was?
A. $6090 B. $2398 C. $104 D. $5236