Income distribution moved toward greater inequality in the 1920s after World War I (1914–18) had witnessed a movement toward greater equality
Indicate whether the statement is true or false
True
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Suppose that you could either prepare your own tax return in 15 hours or hire a tax specialist to prepare it for you in 2 hours. You value your time at $11 an hour; the tax specialist will charge you $55 an hour. The opportunity cost of preparing your own tax return is
A. $55. B. $165. C. $110. D. $40.
How is net present value used to decide whether a project should be undertaken or not?
What will be an ideal response?
Many biologic drug manufacturers are pushing for patent protection to be extended to 12 years before generics are allowed to be introduced to the market. This reflects which of the following barriers to entry?
A) network externalities B) entry blocked by government action C) economies of scale creating a natural monopoly D) control of a key resource
The increase in total revenue that results from the sale of one additional unit of output is known as
a. average revenue. b. total revenue. c. marginal revenue. d. variable revenue.