TRUE OR FALSE? 43. To maximize profits, a firm should produce the output level w
ID: 1211046 • Letter: T
Question
TRUE OR FALSE?43. To maximize profits, a firm should produce the output level where total revenue equals total cost.
62. The argument between free market economists and non free market economists centers on the speed with which a free market adjusts to changes.
66. Most drug dealers would prefer to have their markets legalized.
67. At equilibrium, the yearly rate of increase in the price of a nonrenewable natural resource will equal the rate of return on investments of equivalent risk.
68. The United States tends to export manufactured goods to developing countries.
69. Since 1970, federal spending has been growing more rapidly than state and local spending. TRUE OR FALSE?
43. To maximize profits, a firm should produce the output level where total revenue equals total cost.
62. The argument between free market economists and non free market economists centers on the speed with which a free market adjusts to changes.
66. Most drug dealers would prefer to have their markets legalized.
67. At equilibrium, the yearly rate of increase in the price of a nonrenewable natural resource will equal the rate of return on investments of equivalent risk.
68. The United States tends to export manufactured goods to developing countries.
69. Since 1970, federal spending has been growing more rapidly than state and local spending. TRUE OR FALSE?
66. Most drug dealers would prefer to have their markets legalized.
68. The United States tends to export manufactured goods to developing countries.
69. Since 1970, federal spending has been growing more rapidly than state and local spending.
Explanation / Answer
43. False. Firm maximize profit where MR = MC.
62. True.
66. False because if this market become legalized then dealers have to pay taxes which reduces their income.
67. False
68. True
69. False, state and local spending has been growing more rapidly than federal spending.
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