When the government reduces taxes, which of the following decreases?
a. consumption
b. take-home pay
c. household saving
d. None of the above is correct.
d
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In the above figure, Jack's opportunity cost of producing 1 gallon of soda is ________ of bottled water
A) 2 gallons B) 1/2 of a gallon C) 6 gallons D) 1 gallon E) 1/4 of a gallon
The South African diamond production monopoly is an example of monopoly through
a. "patent power." b. legal restriction. c. control of scarce resources. d. large sunk costs.
Answer the following statement(s) true (T) or false (F)
1. Non-equilibrium prices in the private sector often last for a long period of time. 2. A price floor is a legally established minimum price. 3. Price ceilings cause persistent surpluses. 4. Price floors set below the market clearing price distort price signals and incentives to producers and consumers.
the value of paper used to make books should be added to GDP.
a. true b. false