Costs that are "fixed":
A. are those that will never change.
B. depend on what timescale you are thinking.
C. vary with output, but not with resource prices.
D. None of these is true.
Answer: B
Economics
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In the United States, the temporary tax surcharge of 1968
A) actually increased consumer spending. B) decreased consumer spending by more than was originally estimated. C) had no impact on consumer spending. D) decreased consumer spending by less than was originally estimated.
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Refer to Scenario 17.3. If there is no insurance and no fire protection program in place, the expected loss from fire for this company is
A) $0. B) $300. C) $3,000. D) $6,000. E) $300,000.
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