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 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
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.