To efficiently manage traffic on a system of bridges,
A. the more-crowded bridges should have lower tolls, so that they are affordable.
B. the tolls should be equal for all bridges, so that people can choose the most convenient routes.
C. tolls should be higher on more-crowded bridges and lower on less-crowded bridges.
D. there should be no tolls on bridges, because people should not have to pay to drive to their jobs.
Answer: C
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A payoff matrix shows ________
A) the various combinations of inputs required to produce a good B) the return from each action that players can take in a game C) the different combinations of two goods that can be bought with a given income D) the payment made to each factor of production for the production of a good
According to the table shown, when 5 units are produced:
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. profits are maximized.
B. profits are positive.
C. the firm is producing less than the profit-maximizing amount.
D. the firm is producing more than the profit-maximizing amount.
Employers tailor compensation packages to attract employees who will give them a competitive edge in the market
Indicate whether the statement is true or false
Say that an economic model concludes that "government raising payroll taxes is a measure that can maintain current Social Security benefit levels for every retiree." This conclusion is:
A. false because there is no payroll tax rate high enough to maintain current benefits. B. a statement in the art of economics because it is about policy. C. a positive statement because raising payroll taxes is one way to maintain Social Security benefits. D. a normative statement because there is disagreement over whether Social Security benefits should be maintained.