When the purchase price of an asset is less than its sale price, then there is a
A) budget deficit.
B) corporate income tax.
C) capital gain.
D) capital loss.
Answer: D
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Assuming that the government can act immediately before the multiplier takes effect, then to offset an increase in investment by $1 billion, government purchases must be:
A. decreased by $2 billion. B. increased by $1 billion. C. decreased by $1 billion. D. decreased by $0.5 billion.
Private costs
A) are borne by the producers of a good or service while social costs are borne by government. B) are borne by consumers of a good while social costs are borne by government. C) are borne by producers of a good while social costs are borne by those who cannot afford to purchase the good. D) are borne by producers of a good while social costs are borne by society at large.
One reason why, in the short run, the marginal product of labor might increase initially as more workers are hired is that
A) beyond some point, a firm has hired too many workers. B) specialization allows a worker to focus on one task, thereby increasing her proficiency at that task. C) the best workers are hired first and later hires are not as skillful. D) the first workers hired get to use the best equipment.
Refer to Figure 17-3. Which of the panels in the diagram best represents an individual's labor supply curve?
A) Panel A B) Panel B C) Panel C D) Panel D