Which of the following is an example of a direct tax?
A. Sales tax
B. Property tax
C. Gasoline tax
D. Income tax
Answer: D
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To economists, the main differences between "the short run" and "the long run" are that
A. the law of diminishing returns applies in the long run, but not in the short run. B. in the short run all resources are fixed, while in the long run all resources are variable. C. in the long run all resources are variable, while in the short run at least one resource is fixed. D. fixed inputs are more important to decision making in the long run than they are in the short run.
Which of the following is likely to be used as a signal in the job market?
A) The job description B) The degree obtained by the applicant C) The letter of appointment D) An announcement of vacancy
When a firm is earning zero economic profits
A) accounting profit is zero. B) total revenue is greater than total cost. C) P = ATC. D) P is greater than ATC.
Given that the firm only chooses to sell the high-end professional series, how should it price its product?
a. Price low, sell to both users b. Price high, sell only to the professional chefs c. Price low, sell only to the professional chefs d. Price high, sell only to the home users