Suppose Chip's Chips produces bags of potato chips. An example of a fixed cost for this company would be:
A. a potato peeling machine.
B. the factory building.
C. the deep fryer.
D. All of these are examples of fixed costs.
D. All of these are examples of fixed costs.
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Dividends are paid by corporations out of _____ leading to _____
a. pre-tax income; dividends escaping taxation b. pre-tax income; the double taxation of saving c. after-tax income; dividends escaping taxation d. after-tax income; the double taxation of saving
When a tax is justified on the basis that the taxpayers who pay the tax receive specific government services from payment of the tax, the tax
a. is considered horizontally equitable. b. burden is minimized. c. satisfies the benefits principle. d. is considered vertically equitable.
If the price of orange juice rises 10%, and as a result the quantity demanded falls by 10%, then one can conclude that the demand for orange juice
A) is perfectly elastic. B) is inelastic. C) has a unitary elasticity. D) has a constant elasticity.
Potential GDP is the output that would be produced if the economy was experiencing:
A. No unemployment B. Free markets and international trade C. No inflation D. Full employment