Economists and accountants use the same definition of profit.
Answer the following statement true (T) or false (F)
False
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If a policy helps some but harms others
A) the result is a Pareto improvement for the people who are helped. B) then the cost-benefit analysis will show a net increase in surplus and is therefore desirable. C) we cannot use the Pareto principle to evaluate whether or not the policy is desirable. D) it is too hard to determine whether or not the outcome is desirable.
The concept of ___________ of scale means that as the scale of output goes up, average costs of production decline.
a. economies b. focus c. advantage d. productivity
The notion that similar taxpayers should pay similar amounts of taxes is known as
a. vertical equity. b. the benefits principle. c. horizontal equity. d. taxpayer efficiency.
A tariff imposed on Japanese imports into the United States tends to:
A) penalize U.S. producers and benefit Japanese producers. B) benefit U.S. producers and penalize Japanese producers. C) penalize both U.S. and Japanese producers. D) benefit both U.S. and Japanese producers.