Steve uses $300 from his paycheck to pay off his credit card balance. Based on this information:
A. Steve's saving has decreased by $300.
B. Steve's saving has increased by $300.
C. Steve has a capital loss of $300.
D. Steve's wealth is unchanged.
Answer: B
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Barter is
A) another type of money. B) printing too much money. C) the exchange of goods and services directly for other goods and services. D) the exchange of goods and services for any type of money.
The primary purpose of economic regulation of an industry is to
A) control the prices charged by the regulated industry. B) increase taxes across the board. C) reduce output. D) control hiring and firing within the industry.
Assume an economy has automatic stabilizers in place that include a progressive tax structure and a transfer payment system. Then in a period of high economic growth and high inflation, we would expect:
a. tax revenues to fall and unemployment compensation to rise. b. average tax rates and welfare payments to decline. c. the national debt to become larger. d. average tax rates and government revenues to rise. e. government spending on social security benefits to rise.
Total fixed cost
a. varies with the level of output. b. has a downward-sloping curve. c. has an upward-sloping curve. d. is constant at all levels of output.