Input choices in the present are often affected by past decisions
a. True
b. False
Indicate whether the statement is true or false
True
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If the inflation rate is 3 percent and the real interest rate is 3 percent, then what is the nominal interest rate?
What will be an ideal response?
The optimum tariff is most likely to apply to
A) a small tariff imposed by a small country. B) a small tariff imposed by a large country. C) a large tariff imposed by a small country. D) a large tariff imposed by a large country. E) an ad valorem tariff on a small country.
As a result of the 1986 Tax Reform Act, in 1988 some high-income taxpayers had lower marginal tax rates than middle-income taxpayers
a. True b. False
Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. What are Tom's accounting profits?
A. $50,000 B. -$6,000 C. $24,000 D. $35,000