Deciding to engage in tax evasion requires consideration of all of the following, except the
A. probability of being caught.
B. probability of conviction if caught.
C. probability of winning extra money.
D. costs of defending oneself.
C. probability of winning extra money.
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The price elasticity of demand coefficient for a good will be greater:
a. if close substitutes exist. b. if minor complements exist. c. in the short-run. d. if a small portion of the budget will be spent on it.
If the actual price level is higher than the expected price level, the economy will: a. have no structural unemployment. b. experience a recession
c. experience stagflation. d. expand output in the short run. e. have no seasonal unemployment.
Tony's Italian Ice is a monopolistically competitive firm. If Tony's earns a profit in the short run, which of the following is most likely to occur?
A) New firms that sell Italian ice will enter the market and Tony's cost curves will shift to the left. B) New firms that sell Italian ice will enter the market and Tony's demand curve will shift to the left. C) New firms that sell Italian ice will enter the market and Tony's demand curve will shift to the right. D) New firms that sell Italian ice will enter the market and Tony's demand curve will become more inelastic.
The Do It Yourself Hardware Store is a monopolistically competitive firm. Its marginal revenue curve
A. lies below its demand curve intersecting the quantity axis at the same point at which the demand curve intersects it. B. lies below its demand curve intersecting the quantity axis midway between the origin and the point at which the demand curve intersects it. C. is identical to its demand curve. D. is below its demand curve if demand is elastic and above the demand curve if demand is inelastic.