When costs that vary with the level of output are divided by the output, you have calculated:
A. total changing cost.
B. total fixed cost.
C. average fixed cost.
D. average variable cost.
Answer: D
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Jamal earns $160,000 per year and Josephina earns $80,000 per year. If Jamal pays $16,000 in income taxes and Josephina pays $8,000 in income taxes, the income tax system would be
A) regressive. B) progressive. C) proportional. D) marginal.
A way in which government can attempt to solve the problems caused by information asymmetry in the marketplace is:
A. statistical discrimination. B. screening. C. disclosure laws. D. building a reputation
Casey earns $150 a week and consumes only fish and shrimp. The price of fish is $3 a pound and the price of shrimp is $5 a pound. Suppose the price of fish decreased to $1.50 a pound, and the price of shrimp remains $5 a pound. At Casey's original income of $150 per week, Casey can now buy a maximum of ________ pounds fish or a maximum of ________ pounds shrimp.
A. 100; 30 B. 10; 30 C. 30; 50 D. 30; 100
Since the Second World War, the severity of the business cycle has lessened.
Answer the following statement true (T) or false (F)