Three accountants can prepare 5 tax returns a day and four accountants can prepare 7 tax returns a day. If the marginal revenue product of hiring the fourth accountant is $300, then in a perfectly competitive product market the price of each tax return is
a. $250
b. $100
c. $300
d. $200
e. $150
E
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All of the following are major sources for financing public education EXCEPT
A) income taxes. B) sales taxes. C) property taxes. D) government fees.
In the long run a company that produces and sells dog beds incurs total costs of $1,200 when output is 30 beds and $1,600 when output is 40 beds. Firm A exhibits
a. diseconomies of scale because total cost is rising as output rises. b. constant returns to scale because average total cost is constant as output rises. c. diseconomies of scale because average total cost is rising as output rises. d. economies of scale because average total cost is falling as output rises.
In contrast to neoclassical growth theory, new growth theory lays more emphasis on
A) intangibles than tangibles. B) tangibles than intangibles. C) changes in the money supply than changes in taxes. D) fiscal policy than monetary policy. E) objects than ideas.
The years from ______ to ________ marked our economy's longest decline in real wages.
Fill in the blank(s) with the appropriate word(s).