In the economic way of thinking, bald eagles are a scarce good. Thus,
A) the bald eagle population can be maintained at no cost.
B) the bald eagle population should be maintained at any cost.
C) there are substitutes for bald eagles.
D) there are no substitutes for bald eagles.
E) economists don't like bald eagles.
C
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Special taxes levied on earnings for Social Security and Medicare are called
A) an unfair tax on low-income families. B) an exception tax for corporations. C) a social insurance tax. D) a withholding tax on wages.
The person or firm that pays a tax bears the burden of the tax
Indicate whether the statement is true or false
The cost of capital is best described as the
A) opportunity cost of financing a capital outlay. B) funds that must be acquired to finance a capital outlay. C) decrease in stockholder equity due to a capital outlay. D) All of the above
Your bank account pays 3% interest per year. You loan a friend $100 for one year at zero interest. Assuming the loan is paid on time the opportunity cost of the loan is
A. $0. B. $103. C. $3. D. $100.