An economist would classify 100 shares of Apple Computer stock as capital
a. True
b. False
B
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Suppose an increase in demand causes the price to increase from $2 to $4 and the quantity to increase from 1,000 to 1,800. Using the midpoint method, the elasticity of supply equals
A) 0.86. B) 1.17. C) 2.74. D) 0.68. E) None of the above answers is correct.
Happy Cows is a dairy farm that is currently earning $100,000 in economic profit. The managers of Happy Cows are considering adding a second dairy farm, which will generate an additional $40,000 in economic profit. It is economically sound for the managers of Happy Cows to add the second farm if, after accounting for the managerial diseconomies, the first farm's economic profits exceed ________.
A) $30,000 B) $60,000 C) $40,000 D) $10,000
A line is tangent to a curve if it
a. crosses the curve at one point b. touches the curve at one point, without crossing it c. crosses the curve at a minimum of two points d. never touches the curve e. forms a right triangle with the curve
The ________ states that all else equal, taxes that are neutral with respect to economic decisions are generally preferable to taxes that distort economic decisions.
A. law of tax incidence B. principle of neutrality C. principle of second best D. principle of excess burden