Which of the following is the best example of variable cost?
a. depreciation on a building
b. property taxes
c. wages
d. rent paid for one’s building
c. wages
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A cut in the income tax rate ________ the tax wedge and ________ employment, saving, and investment
A) decreases; increases B) increases; increases C) does not change; increases D) decreases; does not change E) increases; decreases
In the foreign exchange market, U.S. residents wishing to purchase foreign exports or foreign real and financial assets must:
A) demand U.S. dollars by supplying foreign currency. B) demand U.S. dollars by supplying U.S. dollars. C) supply U.S. dollars by demanding foreign currency. D) none of the above.
If we add successive laborers to work a given amount of land on a wheat farm, eventually
A) average total cost will fall to zero. B) the increases in wheat harvested will rise at a constant rate. C) the increases in wheat harvested will get smaller and smaller. D) the increases in wheat harvested will get larger and larger.
The two largest sources of tax revenue for the U.S. Federal government are:
A. Excise taxes and customs duties B. Payroll taxes and excise taxes C. Personal income taxes and payroll taxes D. Personal income taxes and corporate income taxes