"Good news" about an expenditure-related indicator means that
A) it is higher than its previous value.
B) it is higher than it was expected to be.
C) it is lower than its previous value.
D) it rose faster than the rate of inflation.
B
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Which of the following is an example of an ad valorem tax?
A) 5% of price. B) 5% of quantity sold. C) $0.50 per unit sold. D) Government regulation.
Firms in perfect competition are often described as price
a. takers. b. makers. c. setters. d. leaders.
Ryan spends an hour studying instead of going for a bike ride. Assume studying and bike riding were Ryan's only options for that hour. The opportunity cost to him of studying is Choose one answer.
a. the improvement in his grades from studying for the hour. b. the difference between the improvement in his grades and the enjoyment from bike riding. c. the enjoyment and exercise he would have received from bike riding. d. zero since neither activity required Ryan to spend any money. e. the value of the knowledge he gained by studying.
The Lawn Ranger, a landscaping company, has total costs of $7,000 and total fixed costs of $5,000. The Lawn Ranger's total variable costs are
A. $2,000. B. $3,000. C. $5,000. D. indeterminate because the firm's output level is unknown.