Tax preparation services and IRS tax publications can be considered substitutes
a. True
b. False
A
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An allocation satisfies the output efficiency condition if:
A. for every pair of goods, every input's marginal product equals the marginal rate of transformation. B. for every pair of goods, every consumer's marginal rate of substitution equals the marginal rate of transformation. C. only applies for firms that produce the same product. D. only applies for consumers that consume the same goods.
It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation. B. credentialism. C. cretinism. D. diplomacy.
Federal deposit insurance is currently capped at $100,000 per account.
Answer the following statement true (T) or false (F)
When the market price is set below the equilibrium price:
A. total surplus is not maximized. B. the market is not efficient. C. producer surplus is decreased. D. All of these are true.