In the study of macroeconomics, production leads to income, and income leads to production in a continuing cycle
Indicate whether the statement is true or false
TRUE
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In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the tax revenue collected by the government equals
A) $240. B) $320. C) $160. D) $120. E) $4.
Opportunity cost means the
A) accounting cost minus the marginal cost. B) highest-valued alternative forgone. C) accounting cost minus the marginal benefit. D) monetary costs of an activity.
Which of the following is a characteristic of capitalism?
a. Equality of income. b. Government decision-making is preferred to decentralized decision-making. c. Market determination of prices and quantity. d. Government ownership of all capital.
Since the 1950s, nonresidential investment has
A. declined. B. not changed. C. decreased substantially. D. changed as we invest more in software and computers than buildings.