What is the term economists use to discuss cost on a per-unit-of-output basis?
a. short-run cost
b. fixed cost
c. variable margin cost
d. average total cost
d. average total cost
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The decrease in the incentive to work created by welfare payments programs
A) only affects low income taxpayers. B) only affects taxpayers but not welfare recipients. C) only affects high income executives. D) affects both taxpayers and welfare recipients.
At its extreme, the use of the powers of government by public officials to achieve personal gains is:
A. collective action. B. corruption. C. bribery. D. a moral hazard.
Wayne Inc supplies a wide range of electronic products. However, the quality of the company's products is low compared to other companies. The CEO of the company decides to improve quality by reducing the variety of products. The decision of the CEO is based on the concept of _____
a. privatization b. globalization c. economies of scale d. specialization
Approximately what percentage of state and local expenditures do bond referenda account for?
A. 25 percent. B. 50 percent. C. 10 percent. D. Less than 1 percent.