Deficits and Surpluses
What will be an ideal response?
First, we need to define what we mean by the government budget surplus or deficit. This can be calculated by subtracting total government outlays from total government tax revenues. A positive result indicates a surplus; a negative one, a deficit. Budget Surplus or Deficit T Government Outlays T ( () () + ? = ? = ? G T+ R)
Economics
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Which of the following is ALWAYS true when a single-price monopolist maximizes its profit?
A) P = MC B) P = MR C) MR = MC D) MC = ATC E) P > ATC
Economics
Refer to the table above. When does diminishing marginal returns to capital set in?
A) When the second machine is used B) When the third machine is used C) When the fourth machine is used D) When the fifth machine is used
Economics