Opportunity costs arise due to scarce resources.
Answer the following statement true (T) or false (F)
True
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A liquid asset is
A) an asset that can easily and quickly be sold to raise cash. B) a share of an ocean resort. C) difficult to resell. D) always sold in an over-the-counter market.
Suppose the government of a large open economy reduces its spending, so that national saving increases. The result is
A) a decrease in the foreign country's net exports. B) an increase in the real interest rate. C) an increase in the foreign country's net exports. D) a decrease in investment.
A firm operating in a competitive market will stay in business in the short run so long as the market price exceeds the firm's average total cost; otherwise, the firm will shut down
a. True b. False Indicate whether the statement is true or false
Which of the following statements is most consistent with the benefits-received principle of taxation?
A. A childless couple should not be required to pay taxes for the support of public schools. B. Prosperous corporations should pay substantial taxes even if they use few government goods and services. C. The best tax is the income tax. D. People with high incomes should pay more taxes than people with low incomes.