Economics 2nd Semester Exam Question Preview (ID: 31215)

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A progressive Tax is
a) a tax percentage increase when an individual's income increases.
b) a tax percentage that is the same regardless of one's income
c) a tax the decreases as one's income increases
d) a tax on one's property

All of the following can change the market suply curve EXCEPT
a) the cost of labor
b) the expectation that prices are about to increase
c) a change in the demand for the product
d) the numbers of sellers offering the product

The supply of a product normally decrease if
a) the cost of inputs goes down
b) more producers enter the market
c) the price of the product increases
d) taxes on the product increase

When empoloyees are getting in each other's way, the firm is operating
a) in Stage I of Production
b) in Stage II of Production
c) in Stage III of Production
d) as much as it possibly can

Total cost is the sum of the
a) fixed costs and overhead
b) all variable costs
c) fixed and variable costs
d) fixed and marginal costs

The level of profix maximing output is reached when marginal cost is
a) double marginal revenue
b) one-half of marginal revenue
c) less than marginal revenue
d) equal to marginal revenue

When producers offer fewer products for sale at each and every price,
a) the supply curve has shifted to the right
b) the supply curve has shifted to the left
c) the price per unit decreases
d) they expect subsidies

Rent payments and property taxes would be counted as
a) total costs
b) variable costs
c) fixed costs
d) marginal costs

Many businesses are engaging in e-commerce because
a) subsidies are available to many e-commerce businesses
b) fixed costs are minimal
c) operating costs never increase
d) variable costs can be almost eliminated

Which would cause the quantity of supplied curve to shift to the left?
a) technology improves production
b) inputs become cheaper
c) the number of firms increases
d) taxes increases

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