If a policy maker wants to change taxes to encourage individuals to increase their labor supply, the policy maker should
A. increase taxes by a lump sum.
B. reduce the income tax rates that individuals pay.
C. reduce taxes by a lump-sum amount.
D. increase the income tax rates that individuals pay.
Answer: B
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What is the best outcome for society: When firms in an oligopoly operate as a monopoly or when they act as perfect competitors? Briefly explain your answer
What will be an ideal response?
According to Thomas (1954), increased immigration provided incentive to invest in capital that was
(a) labor-using, resulting in capital widening. (b) labor-using, resulting in capital deepening. (c) labor-saving, resulting in capital widening. (d) labor-saving, resulting in capital widening.
Table 11-1 Quantity (units)18161412104Price per unit (dollars)123 4 5 6 Total cost (dollars)44 3832262014Table 11-1 shows demand and total cost schedules for Monopoliteria. At the profit-maximizing output, what quantity is Monopoliteria producing?
A. 10 B. 12 C. 14 D. 16
Which of the following is NOT a service?
A) physical labor purchased by a producer B) things purchased by a consumer that do not have physical characteristics C) a diamond used in an engagement ring D) tasks performed by someone else