As Judy moves down along her budget line, ________
A) the opportunity cost of the good measured along the x-axis increases
B) the opportunity cost of the good measured along the y-axis increases
C) her income decreases
D) her income does not change and neither does the relative price of the goods
D
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The personal income tax is based on the benefits-received principle of taxation
a. True b. False
An American farmer today feeds over ______ people.
A. 15 B. 30 C. 50 D. 100
A production function begins at the origin because
A. when a firm divides tasks, they can get more output. B. a firm with no employees will have no output. C. a firm can always choose to have no employees. D. it takes a certain number of employees to produce anything.
The World Trade Organization was created to
a. provide preferential treatment for developing-country trade b. incorporate environmental protection into trade agreements c. provide a set of rules under which regional trade arrangements would operate d. strengthen the international regime of rules for the conduct of foreign trade e. all of the above