Janie decides to give up her $200,000 a year job as the producer of the most popular television news show in Seattle in order to cultivate and sell orchids, which she anticipates will yield her an annual income of $30,000 . To an economist,
a. she may be mother earth, but she's not making a rational economic decision
b. it is impossible to comment on her decision because we can't engage in interpersonal comparisons of utility
c. her total utility will fall
d. there is no doubt that the utility she gains from working with orchids must be greater than the utility she gains working as a television producer
e. it is clear that working has a negative utility for her
D
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A perfectly competitive firm is producing at the point where its marginal cost equals its marginal revenue. If the firm boosts its output, its total revenue will
A) rise and its total variable cost will rise even more. B) rise and its total variable cost will rise, but not by as much. C) fall but its total variable cost will rise. D) fall and its total variable cost will fall, but not by as much.
In order for the government to collect taxes, the government must first establish a(n)
A) ad valorem taxation. B) tax base. C) philosophy of taxation. D) justice system.