Refer to the graph below. A decrease in supply would best be reflected by a change from:
A. Point 2 to point 1
B. Point 5 to point 1
C. Point 5 to point 2
D. Point 3 to point 6
Answer: A
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Which of the following is collected only by local and state governments?
A) Excise tax B) Personal income tax C) Toll taxes D) Payroll tax
According to your text, disagreements about the relative efficiency of particular projects are usually disagreements about
A) the best way to conserve energy. B) the best way to conserve non-renewable resources of all kinds. C) scientific facts or technical processes. D) the relative value of particular goods to different people. E) who is entitled to make money from one project or another.
Which of the following statements is true about profit?
A) Profit refers to the revenue received from the sale of a quantity of goods. B) The terms "accounting profit" and "economic profit" can be used interchangeably. C) Profit is calculated by multiplying price and quantity sold. D) Profit is the difference between revenue and cost.
Which of the following is included in both M1 and M2?
A) currency B) savings deposits C) small-denomination time deposits D) money market deposit accounts