The fact that invention is based largely on fixed costs and is a public good means that which of the following is not relevant to the process?
A. Average total cost
B. Marginal cost
C. External cost
D. Average variable cost
Answer: B
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According to President Reagan’s Executive Order 12291,
a. economic criteria had to be met when reviewing any major regulation b. a major regulation was defined as one having an annual effect of $1 million or more c. only least cost is needed in evaluating major rules, with no consideration for maximizing net benefits d. incremental benefits of policy must be maximized, with no consideration for minimizing incremental costs
Assume that food is measured on the horizontal axis and clothing on the vertical axis. If the price of food falls relative to that of clothing, the budget line will:
A) become flatter. B) become steeper. C) shift outward. D) become steeper or flatter depending on the relationship between prices and income.
An increased equilibrium price and a decreased equilibrium quantity results from:
a. an increase in supply. b. an increase in demand. c. a decrease in demand. d. a decrease in supply.
If tax revenues from a tax on wine, beer, and hard liquor are used to pay for healthcare expenses related to liver damage, the alcohol tax could be justified using the __________
Fill in the blank(s) with correct word