All of the following lead to a difference in income EXCEPT
A) sales tax.
B) discrimination.
C) the age-earnings cycle.
D) marginal productivity.
A
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A payment for the use of an input that exceeds the opportunity cost of the input is known as
A) real interest. B) economic profit. C) economic rent. D) economic cost.
The vertical and horizontal axes intercepts of the budget line represent the:
a. quantity of goods that will be purchase if only that good is purchased. b. preference of one good compared to another good. c. quantity of each good that is outside the consumer's income. d. only two choices that will spend the entire budget.
Which of the following is the kind of decision that can be made at the margin:
a) whether or not to hire new workers b) whether or not to go on a vacation c) whether or not to build an extra room on a home d) whether to have a dog or a cat as a pet
Most people would prefer to drive a luxury car that has all the options, but more people buy less expensive cars even though they could afford the luxury car because
A) car buyers are irrational. B) the total utility of less expensive cars is greater than that of luxury cars. C) the marginal utility per dollar spent on the less expensive car is higher than that spent on luxury cars. D) luxury cars cost a lot more than non-luxury cars.