The first discovery of the water-soluble material used in contact lenses is an example of:
A. innovation.
B. invention.
C. creative destruction.
D. diffusion.
Answer: B
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An increasing block pricing structure for water supplies
a. creates an economic incentive to conserve water usage b. charges a higher price for lower levels of water consumption c. does not reflect the underpinnings of benefit-cost analysis d. ignores the marginal cost of water consumption
The tax incidence of a payroll tax results in an increase in net wages.
Answer the following statement true (T) or false (F)
Figure 9.1 shows the cost structure of a firm in a perfectly competitive market. If the market price is $40 and the firm is currently producing the profit maximizing output level, its total fixed cost is:
A. $2,800. B. $5,200. C. $7,200. D. $9,000.
Answer the following questions true (T) or false (F)
1. For the years 2017-2027, the Congressional Budget Office expects that population growth will be much slower than growth in hours worked. 2. The double taxation problem occurs because households pay taxes on dividends and capital gains from stock and corporations pay taxes on corporate profits. 3. Raising taxes on interest and dividend income will increase the level of investment and economic growth.