If two individuals have identical schooling, their incomes will be equal
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose the state legislature in your state imposes a state licensing fee of $100 per year to be paid by all firms that file state tax revenue reports. This new business tax:
A) increases marginal cost. B) decreases marginal cost. C) increases marginal revenue. D) decreases marginal revenue. E) none of the above
The four key markets that coordinate the circular flow of income are
a. goods and services, resources, loanable funds, and foreign exchange. b. consumption, investment, stock, and government. c. government, household goods, bond, and business. d. financial, corporate, stock, and loanable funds.
For a perfectly competitive firm, marginal revenue product is equal to:
a. the difference between marginal revenue and marginal cost. b. the product price multiplied by total output. c. the change in total product arising from a unit change in resource usage. d. marginal product multiplied by product price.
Given the production possibility tables for First and Second Bakeries shown, we know that the opportunity cost of producing pies:First BakerySecond BakeryCookiesPiesCookiesPies018091012306206603300900
A. is higher at Second Bakery. B. is the same at both bakeries. C. is higher at First Bakery. D. cannot be computed without further information.