Variable inputs are defined as any resource that:
A. varies with the size of the firm's plant.
B. cannot be changed as output changes.
C. can be changed as output changes.
D. can be increased or decreased hourly.
Answer: C
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A proportional tax:
A. takes the same percentage of taxes from income from all taxpayers. B. requires those with low incomes to pay a smaller percentage of their income than high-income people. C. is levied so that low-income taxpayers pay a greater proportion of their income toward taxes than high-income taxpayers. D. taxes everyone the same amount, regardless of their income.
If a developing country has sufficient reserves, the buying and selling of foreign currency by the central bank is:
A. likely to have a much smaller impact on the exchange rate than in developed countries. B. completely ineffective on the exchange rate. C. likely to have a much greater impact on the exchange rate than in developed countries. D. likely to have roughly the same impact on the exchange rate as in developed countries.
Which of the following would NOT allow society to move to point "h" in the above figure?
A. an increase in quantity of capital B. an improvement in technology C. more efficient use of current resources D. an increase in quantity of labor
Suppose Alyssa is willing to drive across town to save 50 percent on a soccer ball with a list price of $40. If Alyssa is rational, this implies that she should:
A. not be willing to drive across town to save $20 on a shirt with a list price of $60. B. be willing to drive across town to save 5 percent on a bike with a list price of $400. C. be willing to drive across town to save 50 percent on a book with a list price of $20. D. not be willing to drive across town to save 50 percent on a skateboard with a list price of $100.