State and local income taxes should be deducted from federal income tax.
A. True
B. False
C. Uncertain
C. Uncertain
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A situation in which a single individual can provide a public good is known as
A) a monopoly. B) the volunteer's dilemma. C) eminent domain. D) diffusion of responsibility.
An advance in technology will
A) not shift the production function but will lead to a movement down along the production function. B) shift the production function downward. C) not shift the production function but will lead to a movement up along the production function. D) shift the production function upward.
Suppose Larry's Lariats produces lassos in a factory, and uses nine feet of rope to make each lasso. The rope is put into a machine that automatically cuts it to the right length, then seals the ends to prevent fraying. The rope is then hand tied, dipped, and wound before being placed in a packaging machine to prepare it for retail sale. If Larry were to decrease the production of lassos, which of the following is true regarding the company's costs?
A. The variable costs of rope would drop to zero. B. The fixed cost of the rope cutting machine would stay the same. C. The fixed cost of the employee's wages would stay the same. D. None of these is true.
Specialization in production
a. raises productivity. b. requires money. c. stimulates exchange. d. All of the above are correct.