Costs that require a firm to spend money are considered:
A. fixed costs.
B. variable costs.
C. explicit costs.
D. implicit costs.
C. explicit costs.
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Today's U.S. dollar bills are "backed" by
A) nothing. B) Warren Buffet. C) barrels of oil. D) precious metals. E) U.S. Treasury Bonds.
Suppose there is currently a tax of $50 per ticket on airline tickets. Buyers of airline tickets are required to pay the tax to the government. If the tax is reduced from $50 per ticket to $30 per ticket, then the
a. demand curve will shift upward by $20, and the effective price received by sellers will increase by $20. b. demand curve will shift upward by $20, and the effective price received by sellers will increase by less than $20. c. supply curve will shift downward by $20, and the price paid by buyers will decrease by $20. d. supply curve will shift downward by $20, and the price paid by buyers will decrease by less than $20.
How much of the U.S. federal budget is spent on foreign aid?
A. about 1 percent B. about 5 percent C. about 25 percent D. about 50 percent
A monopolistic firm has a sales schedule such that it can sell 10 prefabricated garages per week at $10,000 each, but if it restricts its output to 9 per week it can sell these at $11,000 each. The marginal revenue of the tenth unit of sales per week is:
A. -$1,000. B. $9,000. C. $10,000. D. $1,000.