Which of the following statements is false?
a. The largest source of state and local governments tax revenue is sales and excise taxes.
b. The largest source of federal government tax revenue is individual income taxes.
c. A sales tax on food is a regressive tax.
d. A proportional tax is equal to a fixed dollar amount.
d
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The Wacky Widget company has total fixed costs of $100,000 per year. The firm's average variable cost is $10 for 10,000 widgets. At that level of output, the firm's average total costs equal
a. $10 b. $15 c. $20 d. $25
The demand curve facing a monopolist is:
a. downward-sloping, unlike the horizontal demand curve facing a perfectly competitive firm. b. horizontal, the same as that facing a perfectly competitive firm. c. upward-sloping, the same as that facing a perfectly competitive firm. d. downward-sloping, the same as that facing a perfectly competitive firm.
A response lag is
A. the time it takes to see if that there has been a shock to the economy. B. the time it takes the Fed or Congress to change economic policy. C. the time it takes for a new economic policy to affect behavior in the economy. D. none of the above.
Pick the producer who would come closest to operating in a perfectly competitive environment
A) Grim, the mortician B) Green, the barley farmer C) Gristle, the butcher D) Grippe, the doctor