Most changes in tax laws tend to be small changes because _____
a. the organizing costs of large coalitions are too high
b. logrolling is easier when tax laws effect only a small number of individuals
c. special interests are constantly demanding changes that will benefit them
d. of the rules of the Senate
c
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Refer to the figure above. The quota restricts trade by the same amount as a tariff of
A) $20. B) $30. C) $50. D) Cannot answer without more information.
Suppose the total cost of producing 50,000 telephones is $500,000 . Suppose also that at an output of 30,000 . the average total cost is $8 and the marginal cost is $6 . What is true about the minimum of the average total cost curve?
a. The minimum of the ATC is greater than $10. b. The minimum of the ATC is less than $8. c. The minimum of the ATC is between $8 and $10. d. The minimum of the ATC can be no bigger than $6. e. The minimum of the ATC corresponds to a quantity greater than 50,000.
Table 30.5Output (units)Labor (units)Output (units)Capital (units)101201262562383863Assume that in Table 30.5 the cost of labor is $4 per unit and the cost of capital is $6 per unit. In Table 30.5, what is the cost efficiency of the second unit of capital?
A. 56 units per $1 of cost. B. 9.33 units per $1 of cost. C. 6 units per $1 of cost. D. 36 units per $1 of cost.
The expected inflation rate is the inflation rate that people forecast and use to set the? _____ and? _____.
Fill in the blank(s) with the appropriate word(s).