John has $40 to spend on pizza and tacos. Pizza costs $10 each and tacos are $1 per taco. John's real income ________
A) is $40
B) is 4 pizzas or 40 tacos
C) is 4 pizzas plus 40 tacos
D) depends only on his money wage
B
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If fixed costs do not change, then marginal cost
A) equals the change in variable cost divided by the change in output. B) also remains constant. C) equals the change in average fixed cost divided by the change in output. D) equals the change in average variable cost divided by the change in output.
Which of the following best describes the "guiding function" of price?
A) In response to a surplus or shortage in two markets, price serves as a "guiding function" by decreasing in one market and increasing in the other market in the short run. B) The guiding function of price is the movement of resources into or out of markets in response to a change in the equilibrium price of a good or service. C) The guiding function of price occurs when the market price changes to eliminate the imbalance between supply and demand caused by a shortage or surplus at the original price. D) The guiding function usually occurs in the short run while the rationing function usually occurs in the long run.
All of the following influence the government's decisions to allow various tax deductions, tax exemptions, tax credits, and tax write-offs, except
a. matters of fairness b. incentives to work c. incentives to save d. incentives to invest e. incentives to vote
On-budget expenditures:
What will be an ideal response?