Which of the following describes the benefits of specialization in a free market?
Ans: specialization leads to efficient use of capital, land, and labor
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If a $500 tax is placed legally (statutorily) on the sellers of new violins and as a result the price of violins to consumers rises by $400, then the actual burden of the tax
a. falls completely on violin buyers. b. falls completely on violin sellers. c. is $400 on violin buyers and $100 on sellers. d. is $100 on violin buyers and $400 on sellers.
A firm that maximizes its profits by producing a certain level of output must also:
a) maximize its revenue. b) minimize its variable costs. c) maximize its output d) maximize its sales. e) minimize its cost of producing that output.
Which would shift the aggregate demand curve? A change in:
a. The legal-institutional environment b. Input prices c. The prices of imported resources d. Net export spending
Exhibit 12-1 Income for two persons NameIncome Elaine$100,000 Daniel$ 40,000 In Exhibit 12-1, if the income tax system is progressive, then:
A. Elaine and Daniel will face the same tax rate and will have tax bills the same size. B. Elaine and Daniel will face the same tax rate but have tax bills that are different sizes. C. Elaine will face a higher tax rate and will have a larger tax bill than Daniel. D. Elaine will face a lower tax rate and will have a smaller tax bill than Daniel.