In the short run, a perfectly competitive firm can earn:
a. positive economic profits.
b. zero economic profits

The Clinton administration inherited a budget deficit from its predecessor. President Clinton instituted major tax increases that

A) reduced the budget deficit but increased the federal debt. B) reduced the size of the deficit but could not eliminate it. C) increased the budget deficit during his entire term. D) brought the budget into balance and eventually into a surplus.

Land can be used to grow commercial Christmas trees or pulpwood. Which is the more "economically efficient" use of the land?

A) Raising commercial Christmas trees B) Raising pulpwood C) Raising a mixed combination of commercial Christmas trees and pulpwood D) It depends in part on the relative prices of Christmas trees and pulpwood.