Which of the following is the most likely to be a fixed factor of production at a pizza restaurant?
A. The amount of pizza dough
B. The amount of electricity
C. The size of the seating area
D. The number of waiters
Answer: C
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Income tax acts as a shock absorber because
A. it makes disposable income, and thus consumer spending, less sensitive to fluctuations in GDP. B. it makes disposable income, and thus consumer spending, more sensitive to fluctuations in GDP. C. it makes disposable income, and thus consumer spending, independent of fluctuations in GDP. D. none of these.
Refer to Figure 2-10. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?
A) 16 thousand spoons B) 26 thousand forks C) 20 thousand forks D) 0 spoons
When a positive externality exists, the marginal social demand curve
a. is the same as the market supply curve b. is the same as the market demand curve c. lies below the market demand curve d. lies above the market demand curve e. lies below the market supply curve.
Capital gains are:
A. increases in the flow of saving. B. additions to plant and equipment. C. increases in the value of existing assets. D. increases in the flow of investment.