Which of the following sayings best reflects the concept of opportunity costs
What will be an ideal response?
Time is money
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Use the figure below to answer the following question.
By how much does Consumer Surplus change after the tax is imposed?
A. increase by $540 B. decrease by $114 C. decrease by $144 D. increase by $486
According to Alfred Chandler (1977), big business could be justified, at least in part, by
(a) a rapid rate of innovation among big firms. (b) periodic recessions in which alert big businessmen buy out bankrupt firms and expand operations. (c) a relatively low rate of bankruptcies among big firms. (d) its ability to take advantage of scale economies—big business could best take advantage of technology and economies resulting from large-scale production processes.
Which of the following is an automatic stabilizer that moves the federal budget toward deficit during an economic contraction and toward surplus during an economic expansion?
a. Personal income tax revenues. b. Corporate income tax revenues. c. Unemployment benefits. d. All of these.
The nonlabor income of households will decrease, causing consumption to decrease and labor supply to increase, if the government
A. implements expansionary fiscal policy. B. increases transfer payments. C. decreases the personal income tax. D. increases the corporate profits tax.