How do constraints affect our choices?
Constraints put limits on our choices, and differences in the constraints different people face lead them to different choices.
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For economic efficiency, which of the following conditions should be met?
A. Scarcer goods should have lower prices. B. More abundant goods should have lower prices. C. More abundant goods should have higher prices. D. All goods should have equal prices.
Which of the following is generally considered the most regressive type of tax?
a. gift tax b. federal income tax c. excise tax d. payroll tax
Which of the following examples is shown in this graph?
a. The buyer pays $0.50 of a $0.50 tax.
b. The buyer pays $0.40 of a $0.50 tax.
c. The seller pays $0.50 of a $0.50 tax.
d. The seller pays $0.40 of a $0.50 tax.
Costs that change as output changes are:
A. fixed costs. B. variable costs. C. sunk costs. D. None of the statements is correct.