At its long-run equilibrium level of output, the demand curve facing an individual perfectly competitive firm is tangent to its
a. total economic profit curve.
b. long-run average cost curve.
c. marginal cost curve.
d. marginal profit curve.
b
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If a household has $40,000 in taxable income and its tax liability is $4,000, the household's average tax rate is
a. 10 percent. b. 25 percent. c. 40 percent. d. 50 percent
When a tax is placed on the sellers of a product, buyers pay
A. more, and sellers receive more than they did before the tax. B. more, and sellers receive less than they did before the tax. C. less, and sellers receive more than they did before the tax. D. less, and sellers receive less than they did before the tax.
What is former World Bank economist William Easterly's explanation for why developing countries fail to grow even with the aid of international agencies like the World Bank?
What will be an ideal response?
In a fixed exchange rate system, a decrease in the exchange rate at which a currency is pegged is called a(n):
A. appreciation. B. devaluation. C. revaluation. D. depreciation.