If a firm sells more than the break-even quantity,
a. It will make a profit
b. It will only cover the variable costs
c. It will make a loss
d. A firm is unable to sell above the break-even quantity
a
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In the figure above, Jill is producing at point A. Jill's opportunity cost producing one pair of pants is
A) 2 shirts per pair of pants. B) 3 shirts per pair of pants. C) 3/5 of a shirt per pair of pants. D) 5/3 of a shirt per pair of pants.
The domestic market failure argument is a particular case of the theory of
A) the optimum, or first-best. B) the second best. C) the third best. D) the sufficing principle. E) the efficiency case for free trade.
Are government activities of any concern to macroeconomists?
A) Yes, since government actions and policies can affect an economy's overall performance. B) Yes, since macroeconomics is defined as the study of the role that government plays in the economy. C) No, since the government cannot affect the functioning of the private economy. D) No, since macroeconomists study hypothetical economies that have no government involvement at all.
With regard to the Constitution and its interpretation,
(a) the powers reserved for the states included the police powers—local rules, laws and ordinances, including licensing, inspection and the regulation of local business activities. (b) the "common law of England" was in effect, claimed as the right of all Americans and still enforced by England. (c) England was consulted in cases of ambiguity over interpretation of the common law policy. (d) none of the above are true.