During an economic downturn, increased spending on infrastructure repairs is:
A. more costly because the resources needed to complete those projects aren't available.
B. a bad idea because there's no need for better infrastructure during an economic downturn.
C. less costly because the resources needed to complete those projects would otherwise sit idle.
D. a good idea because it will slow the pace of economic recovery.
Answer: C
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If demand is inelastic and the price falls, the total revenue
A) rises. B) falls. C) remains constant. D) might rise, fall, or remain constant. E) becomes negative.
As a firm increases its output, its average total cost decreases. This is an outcome of:
A) the Law of Demand. B) economies of scale. C) diseconomies of scale. D) the Law of Diminishing Returns.
Consider the country of Outland. In Outland, people pay 10 percent of their income as a tax whether they earn $10,000 or $100,000 annually. Outland has ________ tax structure
A) a progressive B) a regressive C) a proportional D) an excessive
Which of the following situations is the most common? Men and women
a. doing the same job and getting equal pay. b. doing the same job and getting unequal pay. c. doing very different kinds of work and consequently having different earnings. d. randomly distributed across occupations with average earnings about equal.