An economic system that permits the conduct of business with minimal government intervention
a. free enterprise
b. traditional economy
c. incentive
d. safety net
e. socialism
Ans: a. free enterprise
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An industry is deemed concentrated when ________
A) each firm in that industry has a small market share B) all the firms in that industry charge a price lower than the average cost of production C) most of the firms in that industry earn zero economic profits in the long run D) a few firms account for a large fraction of total sales in that industry
The presence of price controls in a market usually is an indication that
a. an insufficient quantity of a good or service was being produced in that market to meet the public's need. b. the usual forces of supply and demand were not able to establish an equilibrium price in that market. c. policymakers believed that the price that prevailed in that market in the absence of price controls was unfair to buyers or sellers. d. policymakers correctly believed that, in that market, price controls would generate no inequities of their own.
The income tax requires that taxpayers pay 10percent on the first $40,000 of income and 20 percent on all income over $40,000 . Karen paid $6,000 in taxes. What were her marginal and average tax rates?
a. 20 percent and 12 percent, respectively b. 20 percent and 15 percent, respectively c. 10 percent and 12 percent respectively d. 10 percent and 15 percent respectively
Recall the Application about the manufacture of fake killer whales used to scare sea lions off the Washington coast to answer the following question(s).Recall the Application. If a fake killer whale to be used to scare sea lions away from steelhead and other threatened and commercially valuable species cost $11,000 for the mold and $5,000 for materials for each fake killer whale made, then the average or per unit cost of producing five fake killer whales would be:
A. $5,000. B. $7,200. C. $11,000. D. $16,000.