Personal income taxes and corporate income taxes are examples of ____ taxes
a. variable
b. sales
c. fixed
d. disposable
a
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When benefit-cost analysis is used to facilitate U.S. public policy decisions,
a. the discount rate is selectedby the individual policy maker b. no adjustment can be made for inflation, since the inflation rate is not known in advance c. the discount rate used should reflect the social opportunity cost of funds d. only incremental costs are adjusted for time differences
The concept of "the invisible hand" suggests that
A) products are produced out of a seller's sense of charity. B) when the seller is better off, the buyer is worse off. C) sellers exploit consumers with high prices. D) buyers and sellers are self-interested. E) the command system is the only way of efficiently allocating resources.
Microsoft was charged with violating the antitrust laws not because it had a virtual monopoly in the form of its Windows operating system, but because it acted like a monopolist in trying to control the market for certain software applications
Indicate whether the statement is true or false
For a monopoly,
a. price and output are closely-linked choices b. marginal revenue always exceeds marginal cost c. price always exceeds average total cost in the short run d. price is set independently from the output decision e. price is always the highest that the market will bear