Direct taxes are levied on specific economic activities.
Answer the following statement true (T) or false (F)
False
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Consider the perfectly competitive firm in the above figure. At the profit maximizing level of output, the firm is
A) incurring an economic loss equal to $119.00. B) incurring an economic loss equal to $123.50. C) incurring an economic loss equal to $187.00. D) making zero economic profit.
What factors make inheritances a source of increased economic inequality?
What will be an ideal response?
If a country has a bowed out (concave to the origin) production possibility frontier, then production is said to be subject to
A) constant opportunity costs. B) decreasing opportunity costs. C) first increasing and then decreasing opportunity costs. D) increasing opportunity costs.
During the Great Depression, unemployment peaked at
A) 10%. B) between 15 and 20%. C) over 20%. D) 81%.