Which statement is true?
A. The federal personal income tax is a proportional tax.
B. The cigarette tax is an excise tax.
C. The tax on gasoline is a direct tax.
D. None of these statements are true.
B. The cigarette tax is an excise tax.
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Which of the following statements regarding a price-taking firm is correct?
A) Demand = average revenue > marginal revenue. B) Demand = marginal revenue > average revenue. C) Demand = price = average revenue = marginal revenue. D) Demand = price > average revenue > marginal revenue.
What is the relationship between the long-run industry supply curve and the short-run supply curve in a perfectly competitive market?
What will be an ideal response?
The figure below shows an IS-LM-FE model for an economy with fixed exchange rates. Initially the economy is at Point A, a triple intersection. Here, the FE curve is steeper than the LM curve.
At Point B, the economy is experiencing
A. an overall balance of payments that is in equilibrium. B. a surplus in the overall balance of payments. C. an expanding money supply. D. a deficit in the overall balance of payments.
________: the variable costs incurred by the business in the current period per unit of output
Fill in the blank(s) with correct word