The U.S. tax system at both the federal and state levels is ________.
A) regressive
B) proportional
C) progressive
D) negative
Ques. 2A risk averse person will always buy insurance against risk.
Indicate whether the statement is true or false
Ques. 3Which of the following lowers the current price of an nonrenewable natural resource?
A) an increase in the interest rate
B) a decrease in the stock of the resource
C) an increase in the marginal revenue product of the resource
D) an increase in the price of a substitute resource
Ques. 4In the above figure, the rise in the price of a gallon of gasoline that created the movement from point C to point A would be shown as a movement ________ along the demand curve for ________.
A) upward; coffee
B) downward; coffee
C) upward; gasoline
D) downward; gasoline
Ques. 5In monopolistic competition, firms compete on product quality, price and marketing.
Indicate whether the statement is true or false
Ques. 6A common source of diseconomies of scale is the
A) diminishing marginal returns to capital.
B) diminishing marginal returns to labor.
C) diminishing marginal returns to land.
D) growing complexity of management and organizational structure.
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