Tanesha sells homemade candles over the Internet. Her annual revenue is $64,000 per year, the explicit costs of her business are $17,000, and the opportunity costs of her business are $22,000. What are the implicit costs of her business?
A) $17,000
B) $22,000
C) $39,000
D) $47,000
Answer: B
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Refer to the scenario above. Which family pays the highest percentage of its income as tax if income taxes collected by the local government are regressive in nature?
A) The first household B) The second household C) The third household D) The fourth household
Refer to the scenario above. If Joseph prefers more money to less, ________
A) he will not accept any offer made by Phillip B) he will always accept any offer made to him C) Phillip will offer the lowest possible amount to Joseph D) he will accept the offer only if Phillip pays him an equal share of the money
Federal subsidies to farmers can have the effect of creating a surplus in the market for certain crops
Indicate whether the statement is true or false
Which of the following would not be considered "capital" in economics? a. A delivery van used by Federal Express
b. $500 in currency. c. A microprocessor factory d. In economics, both (a) and (c) are considered capital.