In the derivation of TFC, you find
A. the minimum-slope ray out of the origin to the TVC.
B. the vertical intercept of the TC and draw a horizontal line.
C. the minimum-slope ray out of the origin to the TC.
D. the minimum-slope ray out of the origin to the ATC.
Answer: B
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Gasoline prices increase by 50 percent and other things remain the same. As a result, there is
A) an increase in the demand for gasoline. B) a decrease in the demand for gasoline. C) no change in the quantity of gasoline demanded. D) a decrease in the quantity of gasoline demanded. E) More information is needed to determine if the demand for gasoline increases or decreases.
The consumption function has a positive slope
a. True b. False Indicate whether the statement is true or false
An increase in both supply and demand causes which of the following?
a. equilibrium price falls b. equilibrium price rises c. equilibrium price change is indeterminate d. equilibrium quantity decreases e. equilibrium quantity change is indeterminate
Taxes on specific goods such as gasoline and alcoholic beverages are called
a. excise taxes. b. payroll taxes. c. sales taxes. d. social insurance taxes.