When deciding whether to engage in an activity or how much to do, people should follow:
A. the principle of microeconomics.
B. the principle of macroeconomics.
C. the marginal principle.
D. the law of supply and demand.
Answer: C
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The marginal income tax rate is the ________
A) total tax paid by an individual divided by the total income earned B) difference between the highest and lowest income tax rates charged by a state C) percentage of the last dollar earned that a household pays in taxes D) total revenue received by the government divided by the number of taxpayers
What determines the demand for labor, the supply of labor, and labor market equilibrium?
What will be an ideal response?
If England uses one week’s time to produce 10 yards of cloth or 2 barrels of wine and Portugal uses one week’s time to produce 12 yards of cloth or 6 barrels of wine, England has the comparative advantage in both goods.
Answer the following statement true (T) or false (F)
Define what dead capital is and why economists are concerned with its existence
What will be an ideal response?