Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3.
B. -3/4.
C. -1.5.
D. -20.
Answer: A
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If marginal utility is positive but diminishing, then total utility must be ________ as consumption of the good increases
A) decreasing B) positive and rising at an increasing rate C) positive and rising at a decreasing rate D) positive and rising at any rate
The administrative, enforcement, and compliance costs of collecting taxes in the United States sum to
a. between 1 and 2 percent of the revenues collected. b. between 5 and 6 percent of the revenues collected. c. between 12 and 15 percent of the revenues collected. d. more than half of the revenues collected.
Suppose that once a well is dug, water flows out of it continuously without any additional effort. Customers collect their water and pay a per gallon fee when they leave the site of the well. In the short run, the competitive firm in this market
A) has no variable costs. B) has no fixed costs. C) will shut down. D) can produce water at no cost.
Your textbook argues that in a market system income is earned and "distributed"
A) in the process of its creation. B) as a result of the supply and demand for productive services. C) in ways that might not be considered "fair" in all cases. D) in all of the above ways.