The value added by any firm equals the firm's ________ from selling the product minus ________.
A. revenue; the cost of inputs purchased from other firms
B. profits; the cost of inputs purchased from other firms
C. profits; labor expenses
D. revenue; labor expenses
Answer: A
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In the case of the Ford Pinto, Ford decided that
A) it would be cheaper to pay damages to families involved in crashes than to fix the problems with the Pinto. B) it would be more expensive to pay damages to families involved in crashes than to fix the problems with the Pinto. C) the problems with the Pinto could not be easily or cheaply fixed. D) it would not be held liable for damages caused by the Pinto and therefore had no reason to fix them.
All of the following conditions must exist for the median-voter theorem to hold except that:
A. there is a single one-dimensional policy question. B. candidates win by majority vote. C. there are only two candidates. D. the policy being voted on must be uncontroversial.
Which of these contributes to the existence of monopoly power?
A. A continuously decreasing long-run average cost curve B. Possession of a patent C. Control over essential output D. All of these responses are correct.
Which of the following does NOT involve transfers in kind?
A) public housing B) food stamps C) Medicare D) income tax refund