?There are two economically meaningful ways of slicing two-input production frontiers.
Answer the following statement true (T) or false (F)
False
Rationale: There are three economically meaningful ways of slicing two-input production frontiers.
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If a central bank wishes to raise the foreign-exchange value of its currency, it will
A) buy domestic currency and sell foreign assets. B) sell domestic currency and buy foreign assets. C) attempt to reduce domestic interest rates. D) attempt to raise the domestic price level relative to foreign price levels.
Joanne left her last job, in which she was earning $50,000, in order to form her own consulting business. Her revenues for the first year of consulting were $210,000. During that year, she hired two assistants for $25,000 each and spent $25,000 on office equipment. In addition, she incurred $75,000 in miscellaneous expenses. Her accounting profit that first year was
A) $10,000. B) $60,000. C) $210,000. D) $50,000.
Much of each year's federal budget is considered "uncontrollable" because
A. Most of the current revenues and expenditures are the result of decisions made in prior years. B. It is determined by decision makers who do not have the power to change spending and taxes. C. It must be spent for purchases, as opposed to transfer payments. D. None of the choices are correct.
If the demand for cigarettes is inelastic, a per-unit tax on cigarettes will cause the quantity demanded to:
A. rise proportionally more than the increase in price caused by the tax. B. fall proportionally more than the increase in price caused by the tax. C. fall proportionally less than the increase in price caused by the tax. D. rise proportionally less than the increase in price caused by the tax.