Pei Chen has a federal personal income marginal tax rate of 28 percent. His average tax rate
A. is more than 28%.
B. is also 28%.
C. is less than 28%.
D. is zero.
C. is less than 28%.
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If all firms in a competitive industry experience an increase in marginal costs, then which of the following is most likely to occur in the short run?
a. Firms will enter the market. b. Existing firms will expand production. c. Firms will shutdown. d. Firms will exit the market.
The tasks performed by the chef at your favorite restaurant could be categorized as
A) a good. B) an economic good. C) a service or intangible good. D) All of the above are correct.
Suppose a medical study reveals new benefits to consuming beef and at the same time a bumper corn crop reduces the cost of feeding steers. The equilibrium quantity of beef will Question 29 options:
A. stay the same. B. perhaps increase, decrease, or stay the same, but more information is needed to determine which it does. C. definitely either stay the same or decrease. D. decrease. E. increase.
A direct relationship occurs when
A) the two variables being compared change in opposite directions, or when one goes up the other goes down. B) a change in one of the variables causes a change in the other variable in any direction. C) the two variables being compared change in the same direction, or when one goes up the other also goes up. D) the two variables have no identifiable relationship with each other.