Which of the following situations is a clear application of the benefits principle of taxation?
A. Wealthier people are taxed more heavily.
B. Heavier vehicles are charged higher tolls on turnpikes.
C. State government providing a free education to any child in the state.
D. Sales of measles vaccine exempt from sales tax.
Answer: B
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If all firms in a monopolistically competitive industry faced the same demand and cost curves pictured in the above figure
A) new firms will enter the industry. B) some firms will exit the industry. C) their economic profit would be zero. D) they would each produce 60 units.
In which of the following situations would the minimum efficient scale of operation provide little or no guidance regarding how many firms should serve the market to minimize production costs?
A) When the LRAC curve slopes downward over the relevant range of output. B) When the LRAC curve hits its minimum point at a relatively low level of output and then increases and the demand for output is quite large. C) When the LRAC curve hits its minimum point at a relatively low level of output but then remains constant as the scale of operation is increased and the demand for output is quite large. D) When the LRAC curve initially increases and then decreases beyond some point.
Which function of money enhances the ability of households to accumulate wealth
A) medium of exchange B) store of value C) valuable relative to its weight D) does not become worn out too quickly
Although growth rates across countries vary some, rankings of countries by income remain pretty much the same over time
a. True b. False Indicate whether the statement is true or false