Some politicians argue that reducing the corporate income tax will increase business investment spending.
Answer the following statement true (T) or false (F)
True
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A monopolistic competitor maximizes profit by producing 600 units of output at a price of $24 per unit. If the average cost of production is $18, the monopolistic competitor earns a profit of:
a. $3,600. b. $2,400. c. $6,000. d. $1,800.
Firms in a perfectly competitive industry are producing goods efficiently in the long run if each is producing at the minimum point of the
A. MC curve. B. LAC curve. C. AFC curve. D. AVC curve.
The downward sloping marginal revenue product of labor is
A) the firm's supply of labor. B) the firm's short-run demand for labor. C) the firm's marginal cost of labor. D) another term for the marginal revenue product of labor.
Which of the following can the government use as a tool of fiscal policy if it wants to increase the level of real GDP in the economy?
A. An increase in government expenditure B. A decrease in government expenditure C. A cut in taxes