For a firm in a perfectly competitive product market, the marginal resource cost curve is horizontal if the resource market is also competitive
a. True
b. False
A
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If the market price is at equilibrium, the producer surplus is minimized
Indicate whether the statement is true or false
If one person earns $20,000 per year and another person earns $80,000 per year, they both will pay the Social Security tax __________.
A. at the same average tax rate B. but the poorer person will pay at a higher average tax rate C. but the richer person will pay at a higher average tax rate D. but it is impossible to calculate their individual average tax rates
The Bureau of Labor Statistics does not count discouraged workers as unemployed. Suppose discouraged workers were counted as unemployed. Explain how the unemployment rate and the labor force participation rate would change
What will be an ideal response?
Participating nations in the 2015 Paris Agreement on Climate Change agreed to reduce overall greenhouse gases emissions
A. to yield a net increase in the global temperature of no more than 2.7 degrees Fahrenheit by 2050. B. to yield a net decrease in the global temperature by 2.7 degrees Fahrenheit by 2050. C. to as much as 10 percent below the levels of the 2015 through 2050. D. to as much as 20 percent below the levels of the 2015 through 2025.