Isoquants from fixed-proportion production functions are
A. upward sloping.
B. shaped as horizontal lines.
C. shaped as right angles.
D. downward sloping.
Answer: C
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Consider the following statements when answering this question
I. If the cost of producing each unit of output falls $5, then the short-run market price falls $5. II. If the cost of producing each unit of output falls $5, then the long-run market price falls $5. A) I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) I and II are false.
Answer the following statements true (T) or false (F)
1. The levying of licensing fees for automobiles is an example of taxation based on the ability-to-pay principle. 2. The Social security tax is regressive because it applies only on income below a "cap" income level. 3. The probable incidence of the tax on business property is on consumers. 4. In general for an excise tax on a product, given supply, the more elastic is the demand for the product, the larger will be the portion of the tax shouldered by the buyers. 5. In general for an excise tax on a product, given supply, the more elastic is the demand for the product, the larger will be the portion of the tax shouldered by the buyers.
Refer to the information provided in Figure 13.1 below to answer the question that follows.
Figure 13.1Refer to Figure 13.1. Of the following choices, Panel A best represents the demand curve for
A. insulin. B. an individual producer of soybeans. C. Dell computers. D. all of the above
When the interest rate on newly issued bonds increases, the price of existing bonds:
A. decreases. B. may either increase or decrease. C. increases only if the coupon rate is below the new rate. D. increases.