Fixed costs are the expenditures that must be made before production can begin
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the Article Summary. The additional tax of $2 per pack of cigarettes being proposed by Senator Pan would have which of the following effects on the market for cigarettes in California?
A) Producer surplus will increase. B) Market efficiency will increase. C) Deadweight loss will decrease. D) Consumer surplus will decrease.
If Japan has a current account surplus, then it must:
a. have an offsetting capital account deficit. b. also have a surplus in its capital account. c. import more goods than it exports. d. have a positive balance of payments.
Which of the following is true of price changes in currencies under the fixed-rate system?
a. Frequent occurrence b. Low magnitude c. Infrequent, but high magnitude d. Frequent, but low magnitude
The main attractive feature of a negative income tax program is
a. it is politically clean and simple b. it keeps the IRS out of the picture c. it avoids cash payments to the poor d. it is totally financed out of the incomes of the poor creating for them a sense of individual responsibility e. it only subsidizes the unemployed