The claim that all citizens should make an "equal sacrifice" to support government programs is usually associated with
a. the ability-to-pay principle.
b. the benefits principle.
c. efficiency arguments.
d. regressive tax arguments.
a
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Damian shares a small food truck with his sister. His share of the expenses is $500 per month. He has decided to get his own, newer food truck which he will not have to share with anyone. His expenses for the newer truck are $1,400 per month
Damian is as rational as any other person. As an economics major, you rightly conclude that A) Damian figures that the additional benefit of having his own truck (as opposed to sharing) is at least $900. B) Damian cannot afford the newer truck and will have to go back to sharing a truck with his sister. C) Damian figures that the additional benefit of having his own truck (as opposed to sharing) is at least $1,400. D) the cost of having one's own truck outweighs the benefits.
If the utility function (U) between food (F) and clothing (C) can be represented as U = , the marginal utility of food equals
A) . B) . C) 1/2 . D) 1/2 .
Any movement along the production possibilities frontier involves the production of
a. more of both goods b. more of one good and less of the other c. less of both goods d. more resources e. better technology
If the demand for opera singers increases faster than the supply, wages will rise
a. True b. False Indicate whether the statement is true or false