Anything owed by a person or a firm is
A) wealth. B) a liability. C) an asset. D) owner's yield.
B
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In 1960, spending on income transfers and health care accounted for 21.5 percent of the federal budget. In 2012, these two items accounted for
a. less than 15 percent of the federal budget. b. approximately 25 percent of the federal budget. c. approximately 37 percent of the federal budget. d. approximately 57 percent of the federal budget.
Which of the following participants in the working of a firm are referred to as residual claimants?
A) workers B) managers C) entrepreneurs D) all of the above
Factors that cause the short-run supply curve to change are factors that affect
A) demand. B) fixed costs. C) variable costs. D) the market but not the individual firm.
Refer to the table. If the current tax rate is 60 percent, supply-side economists would advocate:
A. lowering tax rates to 20 percent, or lower if possible.
B. lowering tax rates to 40 percent.
C. keeping tax rates at 60 percent.
D. raising tax rates to 80 percent.