Federal income tax regulations allow homeowners to reduce their taxable income by amounts paid for
A) repairs and maintenance.
B) hazard insurance premiums.
C) real estate taxes.
D) principal and interest.
Answer: C) real estate taxes.
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Under rate-of-return regulation, the price is set so that
A) price equals the marginal cost of production. B) the firm earns a positive economic profit. C) the firm earns a monopoly profit. D) the firm earns a normal rate of return on investment.
Division of _______ is the way a good or service that is produced is divided into a number of tasks that are performed by different workers, instead of all the tasks being done by the same person.
a. resources b. labor c. money d. tasks
The law of increasing costs states that
A. opportunity costs decrease as more of one good is produced. B. increasing resource prices are inevitable because of scarcity. C. opportunity costs increase as more of one good is produced. D. resources can be easily adapted to the production of any good
Which of the following statements is correct? I. The Fed can periodically and without warning examine member commercial banks to ensure that they are conforming to current banking standards. II The Fed helps the government collect certain tax revenues and aids in the purchase and sale of government securities.
A) I only B) II only C) Both I and II D) Neither I nor II