Our national income account underestimates our economic well-being because
a. it includes the underground economy, which is of negative value
b. it ignores the value of work done by hired nannies
c. it ignores the value of work done by householders (housewives or househusbands)
d. it ignores the value of work done by salespeople who don't actually produce the goods and services
e. it includes the value of pollution, along with the goods produced, which is actually a negative value
C
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In the model of the perfectly competitive firm, the firm's fixed costs are equal to its implicit costs of production
Indicate whether the statement is true or false
An efficient tax system is one that (i) maximizes tax revenues. (ii) minimizes deadweight losses from taxes. (iii) minimizes administrative burdens from taxes. (iv) promotes equity across taxpayers
a. (i) only b. (ii) and (iii) only c. (i), (ii), and (iii) only d. (i), (ii), (iii), and (iv)
It is most likely that the federal government will never actually pay off the national debt.
Answer the following statement true (T) or false (F)
A short-run total cost schedule is a ________ cost schedule shifted upward by the amount of ________ cost.
A. total variable; total fixed B. marginal; total variable C. total fixed; marginal D. total variable; marginal