Assets are:
A. stocks, bonds, and credit card balances.
B. anything of value one owns.
C. current income minus spending on current needs.
D. saving minus investment.
Answer: B
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The Strong Coase Theroem states that in the absence of transaction costs, the assignment of property rights
a. has a negative effect on how resources are allocated. b. has a positive effect on how resources are allocated. c. has no effect on how resources are allocated. d. does not affect the efficiency of how resources are allocated.
At one point along a PPF 40 tons of wheat are produced while 80 tons of rice are produced. At another point along the same PPF, 41 tons of wheat are produced while 70 tons of rice are produced
The opportunity cost of producing a ton of wheat between these points is ________ per ton of wheat. A) 1/2 ton of rice B) 10 tons of rice C) 1/10 ton of rice D) 4/7 ton of rice
Suppose a country imposes a lump-sum income tax of $5,000 on each individual in the country. What is the marginal income tax rate for an individual who earns $40,000 during the year?
a. 0% b. 10% c. More than 10% d. The marginal tax rate cannot be determined without knowing the entire tax schedule.
Which of the following would be an example of capital for a retail gasoline station? (i) the gas tanks and pumps (ii) the service attendants' time (iii) the plot of land on which the station sits
a. (i) only b. (iii) only c. (i) and (iii) only d. (ii) and (iii) only