The share of corporate tax in total federal revenues
A) has declined over the past few decades to a relatively low level.
B) is larger than the other components of federal revenue.
C) has grown significantly in each of the past 10 years.
D) is the smallest of all the components of federal tax revenue.
A
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Monetary payments a firm makes to pay for resources are called
A. explicit costs. B. implicit costs. C. opportunity costs. D. normal profit.
Answer the following statement(s) true (T) or false (F)
1. All cost increases are passed on to a firm's customers in the form of higher prices. 2. Higher fixed costs may cause a firm to shut down its operations but will not otherwise affect its production and pricing decisions. 3. Either a rise in marginal cost or a fall in marginal revenue could cause a firm to reduce its output. 4. Higher fuel costs would cause a delivery firm to raise the price it charges. 5. Higher insurance costs would cause a delivery firm to raise the price it charges.
Gradual emancipation laws adopted by some Northern states:
a. used tax revenues to compensate slave owners for the financial loss associated with freeing slaves. b. provided for all newborn children of slaves to be freed at birth. c. provided for the freedom of female slaves, but not male slaves. d. recognized that after age 10 the cost of a slave to the owner was less than the benefit of a slave to the owner.
In order to avoid principal-agent problems, McDonald's uses all but one of the following franchising tactics. Which is the exception?
a. It does not advertise for franchisees. b. Franchisees must put up 40 percent of the investment themselves. c. Franchisees must undergo a preliminary training period, followed by a 12- to 18-month training program. d. Franchisees must already have another fast-food restaurant franchise. e. Franchisees are required to work full-time daily in their restaurant.