A change in the slope of an isocost line is due to a change in
A) the price of one or both inputs. B) quantity of output.
C) total cost. D) the output price.
A
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In the short run, an increase in inflation by the Fed not matched by an increase in the expected inflation rate results in ________ in the long-run Phillips curve and ________ in the short-run Phillips curve
A) no change; a downward shift B) a rightward shift; an upward shift C) a rightward shift; a downward shift D) no change; no change E) a leftward shift; an upward shift
In order to spend more time with her children, a young mother decides to work less hours as her pay increases. What does her labor supply curve look like?
What will be an ideal response?
The U.S. federal income tax is progressive, which means that _____.
a. tax receipts grow at the same rate that income does b. tax receipts grow at the same rate that government spending does c. middle-income individuals pay more in taxes than either high-income or low-income individuals d. the tax rate decreases with increases in income e. high-income individuals are taxed at a higher rate than low-income individuals
Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways.
Answer the following statement true (T) or false (F)