The shapes of the total product and marginal product curves are related because
a. an increase in total product pulls marginal product up.
b. marginal product gives the slope of total product.
c. marginal product increases as total product increases.
d. the marginal product curve lies above the total product curve.
b. marginal product gives the slope of total product.
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Define what is meant by the tax base and give an example
What will be an ideal response?
Refer to the above figure. Medicare subsidies have increased the price of medical services to Ps. Which of the following statements is TRUE about the effect the Medicare subsidy has had on the consumption of medical services?
A) The amount of medical services provided has decreased from Q0 to Qd as a result of the subsidy. B) The amount of medical services provided has increased from Q0 to QM as a result of the subsidy. C) The amount of medical services provided has increased from Qd to QM as a result of the subsidy. D) The amount of medical services provided has remained unchanged as a result of the subsidy.
A restriction of imports that is accomplished by a quota normally
a. can be accomplished also by a tariff. b. cannot be replicated exactly by imposing a tariff. c. can be accomplished also by an export subsidy. d. can be accomplished also by negotiations within GATT.
The belief that the velocity of money is NOT constant but is highly predictable is associated with the