Demand is more elastic for an item which represents a relatively large part of a person's total budget.
Answer the following statement true (T) or false (F)
True
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Which of the following is TRUE about firms organized along functional lines?
a. Workers develop functional expertise b. Workers can easily share information within their division c. They foster the exploitation of economies of scale d. All of the above
What is meant by the term "tax incidence"? What is the tax incidence of the personal income tax? What is the tax incidence of the corporate income tax?
What will be an ideal response?
Refer to the information. If the economy's tax schedule was T = .2Y rather than T = T 0 = 30, the equilibrium GDP would be:
Answer the question on the basis of the following information for a mixed
open economy. The letters Y, C a , I g , X n , G, and T stand for GDP, consumption, gross
investment, net exports, government purchases, and net taxes respectively. Figures are in
billions of dollars.
A. $387.5.
B. $518.5.
C. $316.
D. $412.
Which of the following statements concerning the relationships among the firm's total cost functions is false?
A) TC = TFC + TVC B) TVC = TFC - TC C) TFC = TC - TVC D) TC = TFC when output = 0.