In economics, graphs serve two purposes: they offer a way to visually express ideas, and they provide a way of finding and interpreting patterns when analyzing economic data
a. True
b. False
Indicate whether the statement is true or false
True
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At its shutdown point, a perfectly competitive firm earns total revenue that
A) exceeds its total cost. B) generates a normal profit. C) just equals its total variable cost. D) exceeds its total variable cost.
Marginal revenue for an oligopolist is
A) identical to the demand for the firm's product. B) difficult to determine because the firm's demand curve is typically unknown. C) horizontal on a price-quantity diagram. D) downward sloping beneath the firm's demand curve.
Hot dogs and hot dog buns are found to be related by the cross elasticity of demand. If they are complementary goods, the cross elasticity will be
A. positive. B. equal to zero. C. negative. D. unknown.
Answer the following statements true (T) or false (F)
1. A consumption tax exempts saving from taxation. 2. A national sales tax would be considered regressive in relation to income. 3. In the past few decades, the tax system of the United States has been used to redistribute income. 4. If the primary purpose of taxes was to raise sufficient revenue to cover the costs of government-provided services, a balanced budget would be an ongoing target. 5. Using the budget as an economic stabilizer requires maintaining a continuous deficit.