The intangible costs associated with reduced quality of life include
a. Pain and suffering
b. Lost productivity at work
c. The cost of home remodeling to accommodate a physical handicap
d. Potential income lost due to premature death
e. All of the above are intangible costs
A
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The Lithuanian tax rate for all citizens' income is 24 percent. If the Lithuanian government was concerned about income inequality, they should change the tax system from a system that is currently ________ to a system that is ________
A) progressive; proportional B) regressive; progressive C) proportional; progressive D) proportional; regressive
If the demand faced by a firm is elastic, selling one less unit of output will
a. increase revenue. b. decrease revenue. c. keep revenues constant. d. decrease price.
What are the three main characteristics of monopolistic competition?
If the entrepreneur is also the manager of the firm, we would expect
A) the manager to work hard because he or she is also the residual claimant. B) the manager to not work hard since there is no possibility of further advancement. C) the firm to operate poorly because the specialization of labor is not adequate. D) the firm to operate poorly because the entrepreneur is not as good at managing workers as a professional manager would be.