Which of the following best defines economics?
A) Economics teaches how to limit our wants.
B) Economics studies how to choose the best alternative when coping with scarcity.
C) Economics helps you earn as much money as possible.
D) Economics analyzes all aspects of human behavior in general.
E) Economics is concerned with prices and quantities of goods and services, both at the individual level and at the industry level.
B
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If the average variable cost of a firm is falling, then the:
a. average fixed cost must be rising. b. marginal cost must be falling. c. marginal cost must be rising. d. marginal cost lies below the average variable cost. e. marginal cost lies above the average variable cost.
The marginal tax rate is equal to the
A) total amount of a person's tax payment divided by the total amount of the person's taxable income. B) total amount of a person's tax payment divided by the change in the person's taxable income. C) change in the person's tax payment divided by the total amount of the person's taxable income. D) change in the person's tax payment divided by the change in the person's taxable income.