Refer to Scenario 7.6 below to answer the question(s) that follow. SCENARIO 7.6: Upon graduating with an accounting degree, you open your own accounting firm of which you and your assistant are the only employees. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of $50,000 annually. Last year you earned a total revenue of $120,000. Rent and supplies last year were $50,000. Your assistant's salary is $30,000 annually.Refer to Scenario 7.6. Your annual economic costs are
A. $50,000.
B. $80,000.
C. $100,000.
D. $130,000.
Answer: D
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Most economists would agree that "saving jobs" is a valid reason for restricting trade
Indicate whether the statement is true or false
Inflation tends to ________ during a business cycle expansion and ________ during a business cycle recession
A) increase; decrease B) decrease; increase C) increase; increase further D) decrease; decrease further
Some researchers argue that the American Revolution was probably inevitable. The most important factor, of those listed below, was/were
(a) prohibitions against trade with nations other than England and severe exploitation of the colonists under the Navigation Acts, which kept the standard of living low in the colonies. (b) excessive taxation which for generations kept the after-tax incomes of the colonists below those in England. (c) a series of revenue-raising measures imposed on the colonists at the end of the French and Indian War for the purpose of making the colonies more self-supporting. (d) British prohibitions against the use of slaves in the lands west of the original thirteen colonies.
The law of diminishing marginal utility says that
a. as more of a good is consumed, total utility diminishes causing marginal utility to diminish as well b. as more of a good is consumed, total utility increases causing marginal utility to diminish c. with reference to consumption, more is better than less until a point is reached after which less is better than more d. with reference to consumption, less is better than more until a point is reached after which more is better than less e. we always value the "one before the last one" more