If James earns $80,000 in taxable income and pays $20,000 in taxes, his average tax rate is 25 percent
a. True
b. False
Indicate whether the statement is true or false
True
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Isocost curves represent
A) least cost combinations of inputs. B) combinations of inputs that can be purchased given their prices for the same total cost. C) a producers cost function. D) None of the above
Suppose the market demand curve for pizza can be expressed as QD = 100 - 2P + 3Pb, where QD is the quantity of pizza demanded, P is the price of pizza, and Pb is the price of a burrito. What is the relationship between burritos and pizza, from the point of view of consumers?
A) They are independent. B) They are complements. C) They are substitutes. D) Not enough information to answer the question.
What adjustments need to be made to go from national income to GDP?
What will be an ideal response?
Refer to the graph below. It shows short-run cost curves for a competitive firm. At what price would the firm face the same profit or loss whether it chooses to produce or not?
A. P1
B. P2
C. P3
D. P4