Irving Fisher took the view that the institutional features of the economy which affect velocity change ________ over time so that velocity will be fairly ________ in the short run
A) rapidly; erratic
B) rapidly; stable
C) slowly; stable
D) slowly; erratic
C
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The deadweight loss of a tax
A) is the transfer of income from households to the government. B) determines the incidence of a tax. C) is part of the total burden of a tax. D) is greater than the total burden of a tax. E) equals the tax revenue collected by the government.
When Acme, Inc produces a certain amount of output at least cost, Acme, Inc definitely
A) achieves economic efficiency. B) uses more capital than labor. C) earns a normal profit. D) None of the above is true.
The United States would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas
Indicate whether the statement is true or false
If the price is $60 per unit, what is the break even amount of units for technology A?
a. 50 b. 100 c. 150 d. None-They would have to shut down