Which of the following is a determinant of supply?
A. Number of buyers.
B. The prices of the factors of production.
C. Consumers' income.
D. Consumer tastes or preferences.
Answer: B
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If a firm minimizes its losses by shutting down in the short run, then at all other output levels,
a. variable cost would exceed total revenue b. total revenue exceeds total cost c. marginal revenue exceeds marginal cost d. total cost is zero e. total revenue is zero
The federal income tax began in the United States with the
a. Morrill Act of 1862. b. addition of the Bill of Rights to the Constitution in 1791. c. passage of the 16th Amendment to the Constitution in 1913. d. New Deal legislation of the 1930s.
Over the past six decades, the U.S. economy has experienced a dramatic increase in the relative importance of international trade and finance
a. True b. False Indicate whether the statement is true or false
The difference between the national debt and a federal budget deficit is
What will be an ideal response?