What is the difference between revenue and cost?
A. Input
B. Production
C. Output
D. Profit
Answer: D
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_____ is the world's largest economy
a. Canada b. China c. Japan d. The United States
Buyers are able to buy all they want to buy and sellers are able to sell all they want to sell at
a. prices at and above the equilibrium price. b. prices at and below the equilibrium price. c. prices above and below the equilibrium price, but not at the equilibrium price. d. the equilibrium price but not above or below the equilibrium price.
If the government imposes a tax of $3,000 on everyone, the tax would be a(n)
a. income tax. b. consumption tax. c. lump-sum tax. d. marginal tax.
Externalities require government intervention when
A. violence will result between disputing parties. B. there are only a few sellers in the market. C. property rights are not clearly established. D. the government imposes sales taxes. E. all of these answer options are correct.