In the long run, a firm has
A) no factors of production that are fixed.
B) no factors of production that are variable.
C) no factors of production that are either fixed or variable.
D) fixed factors of production but no variable resources.
A
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Marginal social cost is the
A) price a consumer pays for one more unit of a good. B) cost a producer incurs producing one more unit of a good. C) cost of producing one more unit of a good that falls on someone other than the producer. D) sum of the cost a producer incurs from producing one more unit of a good plus the cost of producing one more unit of a good that falls on someone other than the producer. E) same as marginal cost only if there is an external cost when the good is produced.
Which of the following is NOT one of the components for computing GDP based upon the income approach?
A) investment B) corporate profits C) compensation of employees D) net interest
When attempting to determine if a sales tax is regressive or not, it is important to consider _____
a. bequests b. that a general sales tax is a consumption tax c. that people pay income taxes d. that individual's incomes change over their lifetime
A narrowly conceived physical quality-of-life index attempts to measure:
a. the gross national income. b. absolute poverty levels. c. the level of social injustice. d. the level of technological progress. e. living standards.