"It would be an undue hardship to require people whose income is below $15,000 per year to pay income taxes." This statement reflects which of the following principles for a tax?
a. Benefits-received.
b. Inexpensive-to-collect.
c. Ability-to-pay.
d. Fairness of contribution.
c
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In a perfectly competitive market, the market price is $23. At the current level of output, a firm has a marginal cost of $28. What should the firm do?
A) produce a larger output to make more profit B) nothing, it is currently maximizing profit C) produce less output to make more profit D) shut down E) raise the price of its product
When firms charge different prices to different consumers for the same good or service, it is referred to as ________
A) price bias B) shadow pricing C) predatory pricing D) price discrimination
In the long-run ISLM model and with everything else held constant, the long-run effect of a fall in net exports is to ________ real output and ________ the interest rate
A) increase; increase B) increase; not change C) not change; increase D) not change; decrease
In peak-load pricing, the capacity decision is determined by setting ________ marginal revenue equal to long-run ________ cost.
A) off-peak; average fixed B) peak; marginal C) peak; average fixed D) off-peak; marginal