A relatively large increase in the cost of electricity would likely
a. result in a large increase in the use of gas for home use immediately.
b. cause an immediate large decline in the use of electricity.
c. increase the use of gas and decrease the use of electricity after a time lapse.
d. cause an equal reduction in the use of electricity immediately.
c
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If the total assets of a bank equals $50,000 and the total liabilities of the bank equal $20,000, stockholders' equity will equal:
A) $50,000. B) $70,000. C) $30,000. D) $20,000.
The giving up of a good or activity in order to obtain some other good or activity is called:
a. a tradeoff. b. a cost analysis. c. a random choice. d. an opportunity cost. e. a sunk cost.
Assume the price of a product sold by a perfectly competitive firm is $5. Given the data in the accompanying table, at what output level is total profit highest in the short run?OutputTotal Cost20$702575308535100401254515550190
A. 20 B. 30 C. 40 D. 50
What fraction of this tax is borne by the workers?
Suppose the supply of labor is W – t = 10H, where W is the gross wage, t is the tax (in dollars), and H is labor hours. The demand for labor is W = 120 – 2H. a) 1/6 b) 2/6 c) 3/6 d) 4/6 e) 5/6