If a person claims, "I wouldn't eat anchovies if you paid me," we can assume that his marginal utility of anchovies is
A) positive.
B) positive, but decreasing.
C) zero.
D) negative.
Answer: D
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Economic profit equals accounting profit minus:
a. explicit costs. b. implicit costs. c. fixed costs. d. variable costs.
Poverty in the United States is defined as having an income that is less than the ____ level that is necessary to provide the basic necessities of life
a. sustainable b. relative c. absolute d. lowest quintile
A tax is progressive when
a. the rate increases when income decreases. b. the rate stays the same when income increases. c. the rate increases when income increases. d. the rate changes as taxpayers become older.
Figure 17-12
In , with a tariff of $0.50 per unit and a world price of $1.00,
a.
25 units will be exported
b.
25 units will be imported
c.
50 units will be exported
d.
50 units will be imported
e.
10 units will be exported