Which statement is true?
A. No one receiving public assistance is employed.
B. Some people receiving public assistance are employed.
C. More people were receiving public assistance in 2007 than in 1994.
D. According to current law, no one will be eligible to receive public assistance by the end of 2012.
B. Some people receiving public assistance are employed.
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Use the following table to answer the next question. GDP figures are in billions of dollars. YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What was real GDP in year 2?
A. $4,820 billion B. $4,875 billion C. $5,320 billion D. $4,911 billion
When economic profit is positive,
A. the firm's owners experience a decrease in their wealth. B. total revenue exceeds total economic cost. C. the firm's owners have successfully solved the principle-agent problem. D. foreign companies experience loss of market share
Use the above table and assume a fixed cost of $1000. At an output of 1, marginal cost is
A. 0.
B. $200.
C. $300.
D. $400.
Which of the following may be used in an attempt to correct market failure?
A. Laws and regulations. B. Government failure. C. Laissez faire price policies. D. The market mechanism.