A property tax is equivalent to a tax on income
a. True b. False
b
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The payoffs resulting from new investment
A) occur in the present and are known with certainty. B) occur in the future but are not known with certainty. C) depend only on current profits. D) occur in the future and are known with certainty.
Producers are willing and able to offer greater quantities for sale at higher prices because
a. they have the incentive to pay the increasing opportunity cost of resources to attract them from alternative uses b. they will decrease their profits by expanding production at higher prices c. the government orders them to do so d. lower prices attract new firms, which have higher costs of production e. they hire superior quality, higher-priced resources as production expands
An equation that captures how inputs of production are related to output is called a:
A. consumption function. B. GDP deflator. C. production function. D. saving function
The fact that a single-price monopolist must lower its price to sell more output explains why price exceeds marginal revenue
a. True b. False