In the short run, if average variable cost equals $50, average total cost equals $75, and output equals 100, the total fixed cost must be:
A. $25.
B. $2,500.
C. $5,000.
D. $7,500.
Answer: B
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A higher marginal income tax rate reduces incentives to work because:
A. leisure and other non-market activities aren't taxed, and so their relative price goes up. B. the opportunity cost of leisure remains constant while after-tax wages fall. C. the opportunity cost of leisure increases with the marginal income tax rate. D. leisure and other non-market activities aren't taxed, and so their relative price goes down.
When the government runs a deficit, the interest rate tends to:
A. fall. B. rise. C. remain unchanged. D. rise or fall, depending on how the deficit is financed.
After an NFL team wins a Super Bowl the next year the tickets are much harder to find and more expensive. This is caused by a(n)
A. decrease in demand but the supply remaining the same. B. increase in demand but the supply remaining the same. C. increase in supply but the demand remaining the same. D. decrease in supply but the demand remaining the same.
A class-action lawsuit is a civil action brought in a court of law designed to make it feasible for people who have suffered damages to come together to sue for recovery
Indicate whether the statement is true or false