As prices of an input changes, the isocost line will ________ to reflect more or less of the total amount spent in production
Fill in the blank(s) with the appropriate word(s).
Answer: rotate
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If you were a Keynesian economist, what policies would you likely suggest to respond to a recession?
a. moderate tax cuts and increases in government spending b. cuts in government spending and moderate tax increases c. tax refunds and deep cuts to social programs d. government investments in defense and anti-inflation measures
Textbook publishers often sell the same or essentially identical books in different countries for different prices. Is this an effective form of group price discrimination?
A) Yes, because the first sale doctrine does not apply to overseas sales B) No, because poor foreign students can't afford the books C) No, because people are allowed to buy the books in one country and sell them in another, making money on the arbitrage opportunity D) Yes, because the textbooks are actually different since they have a different cover and an "international" label on them
Define the types of principles of taxation, and illustrate with examples the different types of existing tax systems based on these principles
In the 1960s, each firm in the computer industry was able to make extremely large profit margins, some as high as 50 to 60 percent. The margin decreased to 20 to 40 percent in the 1970s and to 10 to 20 percent in the 1980s. We conclude that:
A. lower profit margins were due to the government's regulation to protect consumers. B. market power increased in the two decades. C. the industry evolved from oligopolistic to a more competitive industry in the two decades. D. lower profit margins were largely due to the mismanagement of computer firms.