Which of the following is least likely to issue commercial paper?
A) General Motors Acceptance Corporation
B) A large bank holding company
C) General Electric
D) The U.S. Treasury
D
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Which of the following is true of individual income taxes?
A) Individual income taxes are only collected by the federal government. B) Individual income taxes are only collected by the state governments. C) All states in the U.S. collect individual income taxes. D) The rate of income tax imposed by states in the U.S. varies.
In the Utah Pie case, the economic effect of the Supreme Court decision was to:
a. prohibit the merger of two small pie companies. b. encourage competition by ruling that the national competitors had engaged in illegal price discrimination. c. encourage competition by ruling that the national competitors had not engaged in illegal price discrimination. d. discourage competition by national competitors in the Salt Lake City market.
After enjoying a perfectly delicious meal, Duane treats himself and orders a very expensive dessert. After one bite, Duane realizes he does not care for it at all. He chokes it down while thinking about the money he just wasted on it. Duane's decision to eat the entire dessert is an example of:
A. a cognitive bias, because he is focused on the money spent on the dessert. B. emphasizing a sunk cost instead of weighing marginal costs and benefits. C. irrational behavior. D. Duane's behavior exemplifies all of these.
Which of the following statements is true?
A. The total variable cost curve decreases as output increases. B. Total variable cost is always greater than total fixed cost. C. The total variable cost curve shows the variable costs of production given current factor prices. D. Total variable cost is inversely related to output.