Efficient resource allocation is defined as MC = AC.
Answer the following statement true (T) or false (F)
False
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An increase in supply of a product results when
A) the companies that produce the product have higher materials costs. B) the government reduces subsidies on the product. C) taxes on the product are increased. D) technological innovations are introduced in the manufacturing process.
Regressive income taxes are
A) an important form of income redistribution. B) present when the average tax rate decreases as income decreases. C) present when the average tax rate decreases as income increases. D) Both answers A and B are correct.
If the forward exchange rate of the yen in terms of dollars is greater than the spot exchange rate,
A) Japanese interest rates must be higher than U.S. interest rates. B) U.S. interest rates must be higher than Japanese interest rates. C) market participants must be expecting the dollar to appreciate against the yen. D) market participants must be expecting the dollar to depreciate against the yen.
Public education is priced below market price largely as a result of
A) government subsidy programs. B) under-funded public education. C) rising test scores by students. D) taxpayers who contribute little to the funding of public education.