A corrective tax places a price on the right to pollute
a. True
b. False
Indicate whether the statement is true or false
True
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If the cross elasticity of demand for potato chips and pretzels equals 1.5,
A. potato chips and pretzels must both be luxury goods. B. either potato chips or pretzels must be a luxury good, and both may be luxury goods. C. potato chips and pretzels must be substitutes. D. potato chips and pretzels must be complements.
John Maynard Keynes noted that
A. we could print all the money we want and still have scarcity. B. "to secure the greatest amount of pleasure with the least possible outlay should be the aim of all economic effort." C. the general notion that scarcity is due to not having enough money is an illusion. D. we could print all the money we want and still have scarcity AND the general notion that scarcity is due to not having enough money is an illusion.
In a graph showing the short-run cost curves, the one curve which declines continuously as we expand output is called
A) the average fixed cost curve. B) the average variable cost curve. C) the average total cost curve. D) the marginal cost curve.
Suppose at the current level of labor used, MRP = $10 and MFC = $10. To maximize profits, the firm should
A. maintain the current level of labor. B. shut down. C. reduce the level of labor. D. hire more labor.