Most loopholes in the income tax system
A. are more likely to be exploited by the wealthy.
B. make it more progressive.
C. were created by the tax reforms instituted in 1986.
D. do not affect the economic decisions of the people who benefit from them.
Answer: A
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The long-run average cost of production is defined as:
A. total cost divided by the quantity of output the firm chooses when at least one factor is fixed. B. total cost divided by the quantity of output the firm chooses when it can choose a production facility of any size. C. the quantity produced by a firm that can choose any size production facility. D. the quantity produced by a firm when at least one factor is fixed.
When the price of a complement (cream) decreases, the demand for the related good (coffee)
A) will fall. B) remains constant. C) will shift outward. D) will shift inward.
The short run for Barbara's Bakery is defined as
a. one year b. one month c. the period of time during which all inputs are variable d. the period of time during which at least one input is fixed e. the time needed for a transaction to occur
A reaction function is
A. a game in which firms will not negotiate in any way. B. companies colluding in order to make higher than competitive rates of return. C. the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry. D. when plans made by firms are known as game strategies.