In a centrally planned economy, the concept of marginal cost
A) is important if planners want to achieve their objectives at the lowest possible cost.
B) is irrelevant because resources can be obtained by government decree.
C) is irrelevant because socialist firms do not have to earn profits.
D) is irrelevant if industries can be subsidized.
A
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Which of the following is true of the antitrust laws in the United States? They are
A) designed to make the business environment more equitable. B) designed to promote a competitive economy. C) deliberately written in a way to make clear to all what is and what is not allowed. D) deliberately written in a language to promote cooperation among businesses.
Jamal earns $160,000 per year and Josephina earns $80,000 per year. If Jamal pays $16,000 in income taxes and Josephina pays $5,000 in income taxes, the income tax system would be
A) regressive. B) progressive. C) proportional. D) marginal.