A statement that argues that "if taxes on gasoline increase, gasoline consumption will decrease" is an example of what kind of statement?
A) a marginal statement
B) a macroeconomic statement
C) a normative statement
D) a positive statement
E) a statement that violates rational choice
D
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Based on information provided in the textbook, which of the following statements is true regarding taxing millionaires and the budget deficit in 2012?
A) If the government had taxed all income earners who earned more than $1 million a 100 percent income tax rate, the budget deficit would have been completely eliminated, and a budget surplus would have been incurred. B) If the government had taxed all income earners who earned more than $1 million a 50 percent income tax rate, the budget deficit would have been completely eliminated. C) If the government had taxed all income earners who earned more than $1 million a 100 percent income tax rate, the budget deficit would have fallen but not been completely eliminated. D) If the government had taxed all income earners who earned more than $1 million a 100 percent income tax rate, the budget would have been balanced.
Debit cards are
A) counted as money because they perform the medium of exchange function of money. B) not considered money because they merely show that their owners have a relationship to money. C) are counted as a part of M2 but not M1. D) counted as money because they provide access to their owners' checkable deposits.
Price-fixing is illegal under Section 1 of the Sherman Act.
Answer the following statement true (T) or false (F)
If the marginal revenue product of an input exceeds the marginal factor cost of the input, the firm
A. should increase its use of the input. B. is maximizing profit. C. is not on its marginal cost curve. D. should hire less of the input.