Janelle spends all of her $40 income on songs from iTunes ($1 each) and applications ($4 each) for her iTouch. What is her budget equation?
A) $1 × Qsong - $5 × Qapp = Y
B) Qsong = 10 - 4 × Qapp
C) $40 + $1 × Qsong = $4 × Qapp
D) Qapp = 10 - 1/4 × Qsong
D
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Recall the Application. One difference between a value-added tax and an income tax is the value-added tax
A) is a progressive tax. B) is not a consumption tax. C) does not penalize individuals who save. D) is difficult to collect.
Which of the following statements is true about profit?
A) Profit refers to the revenue received from the sale of a quantity of goods. B) The terms "accounting profit" and "economic profit" can be used interchangeably. C) Profit is calculated by multiplying price and quantity sold. D) Profit is the difference between revenue and cost.
Economic goods are: a. only those commodities priced in monetary terms
b. scarce products that are created from scarce resources. c. the opposite of normative economic goods. d. not subject to scarcity.
Of the following, what muscle is superior to the other three?
A. Gastrocnemius B. Intercostals C. Sternocleidomastoid D. Trapezius