Describe the three ways that banks normally earn revenue
What will be an ideal response?
(1 ) By collecting fees from stores when depositors use their debit cards for purchases, (2 ) by charging overdraft fees when depositors have insufficient funds in their accounts to cover the checks they write, and (3 ) by collecting fees when depositors take out loans or purchase mutual funds or other financial products.
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How does the elasticity of demand influence the incidence of a tax, the tax revenue, and the deadweight loss?
What will be an ideal response?
Firm A owns produces both toothpaste and toothbrushes. In order to increase profits the firm must
a. Increase prices for both toothbrushes and toothpaste b. Decrease prices for both toothbrushes and toothpaste c. Increase prices on toothbrushes and increase the price on toothpaste d. Increase prices on toothbrushes but keep the price on toothpaste constant
Increases in the prices of imported energy in 2002-2008 caused the aggregate supply curve to shift inward
a. True b. False Indicate whether the statement is true or false
Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. If you make 1,000 t-shirts, your average total cost is ________.
A. $3.10 B. $10.30 C. $3 D. $1.03