The decline of output of other domestic auto producers besides Ford, General Motors and Chrysler occurred in the presence, even before 1970, of rising sales of imported cars in the U.S. market
Indicate whether the statement is true or false
True
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Economists play an important role in the complex debates over tax policy by
a. identifying efficiency as the most important goal of tax policy. b. identifying equity as the most important goal of tax policy. c. shedding light on the tradeoff between efficiency and equity in tax policy. d. None of the above is correct.
Explain what is meant by “derived demand” as it relates to factors of production.
What will be an ideal response?
Marginal cost
A. measures how total cost changes when input prices change. B. is less than average cost when average cost is decreasing. C. measures how total cost changes when one more unit of output is produced. D. both a and b E. both b and c
All of the following are private costs of operating an automobile EXCEPT
A. depreciation of the vehicle. B. harm to the environment from emissions. C. gasoline for operating the vehicle. D. car insurance.