In economics, an organization that produces a good or service is called a
A) business. B) firm.
C) company. D) All of the above are correct.
D
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Refer to Figure 10-1. Which of the following is consistent with the graph depicted above?
A) Technological change increases the profitability of new investment. B) Households become spendthrifts and begin to save less. C) An expected recession decreases the profitability of new investment. D) The government runs a budget surplus.
If a tax is regressive, the average tax rate
a. remains the same as income rises. b. rises as income rises. c. falls as income rises. d. falls as income falls.
When the price is $2
A. quantity supplied is greater than quantity demanded and, therefore, price must rise to get to equilibrium.
B. quantity supplied is less than quantity demanded and, therefore, price must fall to get to equilibrium.
C. quantity demanded is greater than quantity supplied and, therefore, price must rise to get to equilibrium.
D. quantity demanded is greater than quantity supplied and, therefore, price must fall to get to equilibrium.
An increase in nonlabor income leads to ________ in consumption and ________ in labor supply.
A. a decrease; an increase B. an increase; a decrease C. an increase; an increase D. a decrease; a decrease