If Steve's Apple Orchard, Inc. is a perfectly competitive firm, the demand for Steve's apples has
a. horizontal
b. downward sloping
c. vertical
d. upward sloping
Answer: a. horizontal
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The above figure shows three different supply-and-demand graphs. Which graph best represents the market for workers at your nearest fast-food restaurant?
A) Graph A B) Graph B C) Graph C D) None of the above.
Suppose the tax rate on the first $10,000 of income is 0 percent; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on income over $60,000. Family A has an income of $55,000
What is the tax liability of Family A? A) $16,500 B) $6,600 C) $7,500 D) $3,400
The present value of $250,000 in 10 years at 2 percent interest is approximately:
A. $205,087. B. $212,051. C. $305,194. D. $195,085.
If the nominal interest rates rises, then the inflation rate must have increased
a. True b. False Indicate whether the statement is true or false