Marginal output and marginal physical product are
A. directly related.
B. inversely related.
C. weakly related.
D. identical.
D. identical.
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Empirical evidence shows that in the short run, purchasing power parity ________, and in the long run, purchasing power parity ________
A) holds; does not hold B) holds; holds C) does not hold; holds D) does not hold; does not hold
If a tripling of price triples the quantity of a good supplied, the price elasticity of supply for this good is:
a. 3. b. 300. c. 1. d. ?1. e. ?3.
In a progressive income tax system
A) the marginal tax rate exceeds the average tax rate. B) the average tax rate exceeds the marginal tax rate. C) high income earners pay a lower percentage of their income in taxes than do low income earners. D) the tax rate depends solely on how long an individual has been in the labor force.
A decrease in the supply of money will, according to the quantity theory of money, lead to
A) a higher price level. B) a higher nominal Gross Domestic Product (GDP). C) a lower real Gross Domestic Product (GDP). D) a lower price level.