Immigrants were valued as a vital source of labor and, consequently, they were greeted with open arms after the 1830s
Indicate whether the statement is true or false
False
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If a firm buys a delivery van for $18,000 and can resell it in 2 years for $7,500, the sunk cost is
A) $10,500. B) $7,500. C) $18,000. D) $0.
Farouk owns a family portrait studio. Three months ago, he spent $2,000 on a new Wizard-brand camera, with the expectation that it would make his photo shoots go faster and enable him to serve more customers. However, the Wizard camera has proven to be so difficult to use that it is slowing him down and costing him business. Farouk is now trying to decide if he should purchase a Sorceress-brand camera to replace the Wizard camera. In this scenario, what is Farouk’s sunk cost?
a. the business Farouk lost because of his new camera b. the price of the Sorceress camera c. the price of the Wizard camera d. the time it would take Farouk to master the Wizard camera
Which of the following is the best description of the U.S. tax system?
A. The federal income tax is progressive, but sales, property, and other taxes tend to be regressive. B. The U.S. tax system is consistently progressive. C. The U.S. tax system is consistently regressive. D. The federal income tax is regressive, but sales, property, and other taxes tend to be progressive.
A perfectly competitive firm that is maximizing profit produces the quantity of output at which price equals marginal cost.
Answer the following statement true (T) or false (F)