Economics is a:
a. Managerial science
b. Business science
c. Social science
d. Natural science
c. Social science
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If the government decides to levy an ad valorem tax on product with a perfectly inelastic supply. The consumers tax incidence will be
A) 0 B) 1 C) .5 D) Cannot be determined.
A tax is proportional if, as a person's income rises, the:
a. tax rate is constant. b. tax rate falls. c. tax rate rises. d. amount of the tax is constant. e. amount of the tax falls.
In comparing monetarism and rational expectations theory we find that
A. both favor policy rules for the same reasons. B. both favor policy rules, but for different reasons. C. both favor discretionary policies. D. the former favors discretionary policy, while the latter favors policy rules. E. the former favors policy rules, while the latter favors discretionary policy.
Producing where marginal revenue equals marginal cost is equivalent to producing where
A) average total cost equals average revenue. B) average fixed cost is minimized. C) total revenue is equal to total cost. D) total profit is maximized.