Slope is calculated as a change in the variable on the horizontal axis divided by a change in the variable on the vertical axis.
Answer the following statement true (T) or false (F)
False
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At the state and local levels in the United States, the largest source of tax revenue is
A) grants from the federal government. B) property tax on real estate. C) sales tax. D) individual income taxes.
Any price ______ will cause the firm to shut down production.
A. below the minimum of MC B. above the maximum of AC C. below the minimum of AC D. between MC and AC
Members of the top quintile of income earners in every country today:
A. earn disproportionately more than those in the bottom quintile. B. earn disproportionately less than they did 100 years ago. C. earn disproportionately less than those in the middle quintile. D. All of these are true.
Which of the following is a difference between absolute advantage and comparative advantage?
a. Absolute advantage occurs when a country has a lower production cost than its trading partner, while comparative advantage occurs when a country produces a good at a lower opportunity cost than its trading partners. b. Absolute advantage occurs when a country has a higher production cost than its trading partner, while comparative advantage occurs when a country produces a good at a higher opportunity cost than its trading partners. c. In the case of absolute advantage, a country experiences an increase in total surplus post trade, while in the case of comparative advantage, a country experiences no change in total surplus post trade. d. Absolute advantage occurs when a country benefits by exporting a particular good, while comparative advantage occurs when a country benefits by importing a particular good.