In estimating short-run cost functions, one must adjust for
A) price level changes.
B) accounting procedure changes.
C) product heterogeneity.
D) All of the above
D
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The socially optimum equilibrium occurs where the private cost curve intersects the demand curve
a. True b. False Indicate whether the statement is true or false
Fractional reserve banking has three crucial features: bank profitability, bank discretion over the money supply, and bank exposure to runs.
Answer the following statement true (T) or false (F)
As a consequence of the condition of scarcity:
A. there is never enough of anything. B. production has to be centrally planned. C. individuals and communities have to make choices from among alternatives. D. things that are plentiful have relatively high prices.
Which of the following statements is most consistent with the benefits-received principle of taxation?
A. People with high incomes should pay more taxes than people with low incomes. B. A childless couple should not be required to pay taxes for the support of public schools. C. Prosperous corporations should pay substantial taxes even if they use few government goods and services. D. The best tax is the income tax.