"The evaluator noted several shortcomings" is written in the active voice.

An L-shaped isoquant:

A) is impossible.
B) would indicate that the firm could switch from one output to another costlessly.
C) would indicate that the firm could not switch from one output to another.
D) would indicate that capital and labor cannot be substituted for each other in production.
E) would indicate that capital and labor are perfect substitutes in production.

Is basic research excludable? Is it rival in consumption? How do we classify basic research in terms of the four types of goods?

A mixed cost has characteristics of both a variable and a fixed cost.

A deferred tax asset would result if

A) a company recorded a tax penalty in 2010 that it paid in 2011
B) a company recorded more taxable depreciation in 2010 for an asset acquired in 2008
C) a company recorded more warranty expense in 2010 than cash paid in 2010 for warranty repairs
D) a company recorded more interest expense in 2010 than cash paid in 2010 for interest

Which of the following is not an important source of revenue for the federal government?

A) corporate income taxes
B) property taxes
C) payroll taxes
D) personal income taxes