The level of production that minimizes long-run average total costs is referred to as the:
A. economically efficient level of production.
B. minimum efficient level of production.
C. minimum profitable level of production.
D. technically efficient level of production.
Answer: B
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One criticism of the corporate income tax is that
A. it is so complex to administer that corporate income taxes are rarely collected by the Internal Revenue Service. B. it is too regressive. C. a portion of the corporations' tax burden is passed on to consumers via higher prices for goods and services and to workers via lower wages. D. it is too flat.
A profit-maximizing monopoly will NEVER produce along a range of output for which
A. the price elasticity of supply is greater than 1. B. the price elasticity of demand is greater than 1. C. the demand curve is inelastic. D. the demand curve is elastic.
As long as income is above planned aggregate expenditure, unplanned inventory reductions have occurred.
Answer the following statement true (T) or false (F)
Traditional sports gambling is legal
A. everywhere. B. as long as it is on the internet. C. nowhere. D. in some states (Nevada, Montana, Delaware, and Oregon) and illegal in others.