To determine total cost, the businessperson must know
a. input quantity and output price.
b. output quantity and output price.
c. output quantity and input price.
d. input quantity and input price.
d
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During the winter of 2011-2012, the price of fuel oil increased enormously but the quantity demanded decreased only a little. This response indicates that the demand for fuel oil was
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
If a local government collects taxes of $500,000, has $350,000 of government consumption expenditures, makes transfer payments of $100,000, and has no interest payments or investment, its budget would
A) show a surplus of $150,000. B) show a surplus of $50,000. C) be in balance with neither a surplus nor a deficit. D) show a deficit of $50,000.