Which of the following is false?
A. The federal government's fiscal year begins on October 1.
B. The largest federal government purchase of final goods and services is Social Security.
C. The corporate income tax is a direct tax.
B. The largest federal government purchase of final goods and services is Social Security.
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In the long run, perfectly competitive firms will exit the market if the price is
A) higher than average variable cost. B) equal to average total cost. C) less than average total cost. D) equal to average fixed cost. E) equal to marginal revenue.
Increasing marginal returns to labor might occur at low levels of labor input because of
A) increasing average costs. B) differing factor proportions. C) increasing specialization of tasks. D) decreasing use of machinery and increasing use of technology.
A _________ is an agreement under which stockholders of several formerly-competing companies turn over their shares to a group that exercises voting control over the companies
a. trust b. gentleman's agreement c. holding company d. pooling arrangement
Dunston Military Academy has an annual deficit of $250,000 . Its 1,000 students pay tuition of $10,000 each per year. The economics faculty has recommended solving the problem by recruiting additional athletes with $5,000 scholarships. Each additional athlete will cost the school $2,500 (equipment, etc.). Assuming the academy agrees, how many athletes are needed to eliminate the deficit?
a. Zero, the deficit cannot be eliminated by giving more scholarships. b. 25 c. 50 d. 100