The yardstick most often used to compare living standards across nations is
a. average production cost per unit
b. sales revenue per month
c. utility per capita
d. GDP per person
e. imports per year
D
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Over a decade or longer, a government budget deficit
A) reduces national saving and stimulates economic growth. B) reduces national saving and economic growth. C) increases national saving and economic growth. D) increases national saving and decreases economic growth.
Answer the following questions true (T) or false (F)
1. If a perfectly competitive firm maximizes short-run profits, its marginal revenue will be positive and less than its price. 2. A profit-maximizing monopolistically competitive firm produces and sells an allocatively efficient quantity of output. 3. Unlike a perfectly competitive firm, a monopolistic competitor does not have a short-run shut-down point.