Tax systems in developing countries tend to be efficient and reliable
Indicate whether the statement is true or false
FALSE
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When constructing an economic model, economists
a. rely mostly on their own value judgments and ignore the far more complex world of facts b. always try to duplicate reality by including all available information c. use assumptions that are true for the individual but never true for the whole economy d. must rely on simplifying assumptions that abstract from the complexity of the real world e. are primarily concerned with making realistic assumptions
When a firm is operating at an output rate at which total revenue equal total costs, this is called
A) its shutdown point. B) its breakeven point. C) a short-run profit. D) a loss.
To estimate the cost of the September 11, 2001 terrorist attacks, which of the following concepts would be used to calculate the value of lost lives?
A. The fallacy of composition B. The concept of acceptable risk C. The total value of lost earnings D. The present value of lost earnings
Show what happens to the industry equilibrium when new firms enter a perfectly competitive market in the long run.
What will be an ideal response?