Refer to Figure 2-14. What is the opportunity cost of producing 1 snow cone in Iceland?
A) 2/3 of a popsicle B) 3/4 of a popsicle C) 1 1/2 popsicles D) 180 popsicles
A
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Which is not a fixed cost?
a. monthly rent of $1,00 . with a 12 month lease b. an insurance premium of $50 per year, paid last month c. Tax accountant's salary d. labor costs paid per hour
For an economy as a whole, income must exceed expenditure
a. True b. False Indicate whether the statement is true or false
Revenues flowing to the government from government-run or government-sponsored businesses, such as public utilities and state lotteries, are known as:
A. proprietary income. B. transfer payments. C. tax revenue. D. subsidies.
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, the likely change in capital flow in sector Y will eventually
A. generate excess profits. B. eliminate all profits. C. result in excess losses. D. eliminate all losses.