Refer to Figure 22-4. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy
If the United States decided to cut its support of university research in half, this would cause a movement from
A) B to D. B) B to E. C) B to C. D) B to A.
B
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Provide two examples of economics being used as a tool by each of a student, a business, and a government. Classify your examples as dealing with microeconomic topics and macroeconomic topics
What will be an ideal response?
Refer to Figure 4.1. The income effect of the price change in food on the quantity of food purchased is:
A) the change from F3 to F1. B) the change from F3 to F2. C) the change from F2 to F1. D) the change from F1 to F2. E) none of the above
If we assume perfect information, perfect mobility of resources, and no transactions costs, then there is little need for firms
a. True b. False
During the 1980s, the top marginal tax rate on personal income was reduced from 70 percent to less than 40 percent and it has remained below 40 percent since that time. In recent years, the share of the personal income tax collected from the top one-half of one percent of earners has
a. fallen sharply from the level of years prior to 1981. b. increased sharply during the Clinton administration, but declined substantially during the administration of George W. Bush. c. been virtually unchanged from the level of years prior to 1981. d. increased substantially from the level of years prior to 1981.