Horizontal equity holds that those with greater ability to pay should pay less.
Answer the following statement true (T) or false (F)
False
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In a market economy, the decision regarding allocation of resources is made by
A. the operation of the forces of supply and demand. B. policy authorities in Washington, D.C. C. budget planners in state capitals. D. committees from a variety of economic interest groups. E. All of the responses are correct.
If unit costs decrease as the quantity of production increases and all inputs are variable, then a firm is experiencing
A) constant returns to scale. B) economies of scale. C) diseconomies of scale. D) falling economies of scope.
If all firms in a monopolistically competitive industry faced the same demand and cost curves pictured in the above figure
A) new firms will enter the industry. B) some firms will exit the industry. C) their economic profit would be zero. D) they would each produce 60 units.
Interest rates are higher the
A) shorter the duration of the loan. B) greater the risk. C) larger the amount of the loan, holding other things constant. D) lower the inflation rate.