The three possible sources of government funding include
A) explicit fees, taxes, and borrowing.
B) international income, personal income taxes, and export taxes.
C) foreign aid, revenues, and implicit fees.
D) None of the above are correct.
Answer: A
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Homer's Holesome Donuts has determined that its profit-maximizing quantity is 10,000 donuts per year. Homer's earns $12,000 in revenue from the sale of those donuts. Homer's has two costs
First he pays $16,000 in annual rental payments for its five-year lease on its store. Second Homer incurs an additional cost of $5,000 for ingredients. Should Homer's shut down in the short run? A) Yes, because he is incurring an economic loss. B) Yes, because he cannot cover all of his fixed costs. C) No, because is making positive economic profit. D) No, because he can cover all of his variable costs.
A tariff
A) makes domestic consumers better off. B) makes both domestic producers and consumers better off. C) makes everyone worse off. D) makes domestic producers better off.