Inputs for a business are the goods and services that it sells to its customers.
Answer the following statement true (T) or false (F)
False
The goods and services that a business sells to its customers are called outputs.
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Consider two people, Sandy Smith, who earns $25,000 . and Gary Carver, who earns $50,000 . If the government has decided to tax everyone's first $25,000 at 20 percent and everyone's second $25,000 at 40 percent, then:
a. Gary and Sandy both pay taxes of the same percentage of total income. b. Gary and Sandy pay the same amount of taxes. c. Gary pays twice the tax amount Sandy pays. d. Gary pays three times the tax amount Sandy pays. e. Sandy does not pay taxes.
The brain gets most of its energy from dopamine.
Answer the following statement true (T) or false (F)
Using Figure 9.1, explain what a firm would do in the short run if the market price of its product dropped below P1
What will be an ideal response?
Which of the following is an example of opportunity cost?
a. The Chinese food that you give up when you choose to eat Italian food. b. The tuition that you pay to attend college. c. For a professor of economics, the pleasure that he or she derives from teaching economics. d. Sweets given up by a person who would never eat them even if he or she could. e. The price paid for a ticket when you go for a movie.