If tax rates were 100 percent, tax revenues would be _____
a. maximized
b. minimized
c. indeterminate
d. the same if they were 50 percent
b
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A firm engaging in efficient production, using current technology, ________ produce its current level of production with ________ inputs
A) could; fewer B) cannot; fewer C) cannot, more D) cannot; different
After graduating from college, Jim had three choices, listed in order of preference: (1) Move to Florida from Philadelphia, (2) work in a car dealership in Philadelphia, or (3) play soccer for a minor league in Philadelphia. His opportunity cost of moving to Florida includes
a. the benefits he could have received from playing soccer b. the income he could have earned at the car dealership c. both a and b d. cannot be determined from the given information
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy has a comparative advantage in producing ________, and Mike has a comparative advantage in producing ________.
A. cheese; cheese B. cheese; cars C. cars; cars D. cars; cheese
Oligopoly is characterized by all of the following except
A. some industries that produce identical products. B. frequent price wars. C. high barriers to entry. D. prices that are above the minimum of the ATC curve.