Economic theory
a. is a deliberate simplification of factual relationships.
b. seeks to disprove a hypothesis.
c. is based mainly on assumptions.
d. seeks to prove political ideals.
a
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The present value of benefits (PVB) is found as
a. the discounted value of benefits for a single period without adjusting for inflation b. ?(bt/[1+rs]t), with bt= Bt/(1 + p)t c. ?(bt/[1–rs]t), with bt= Bt/(1 + p)t d. ?(bt/[1+rs]t), with bt= Bt/(1 –p)t
Refer to Figure 2-4. A movement from ________ is the result of advancements in plastic production technology
A) V to X B) Z to W C) W to X D) Y to Z
Marginal analysis involves undertaking an activity
A) only if its marginal costs are greater than its marginal benefits. B) until its marginal costs start declining. C) until its marginal benefits equal marginal costs. D) only when its marginal benefits are positive.
Assume that the government one day decides to tax greens fees at all state golf courses. To the government's dismay, not only was the amount of tax collected small, but there was a 90 percent decline in golfing. What type of tax analysis did the
government apparently rely upon when it imposed this tax? A) static tax analysis B) dynamic tax analysis C) transaction cost analysis D) ad hoc tax analysis