The cost of producing an additional unit of output is the firm's
a. marginal cost.
b. productivity offset.
c. variable cost.
d. average variable cost.
a
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An economy has the income shares information in the table above. Which of the following is TRUE?
A) The information in the table represents the income distribution in the United States. B) Income in the U.S. economy is more equally distributed than that represented in the table. C) Income in the U.S. economy is less equally distributed than that represented in the table. D) The information in the table represents the wealth distribution in the United States.
Explain the concept of a backward-bending labor supply curve.
What will be an ideal response?
The ability-to-pay principle of taxation:
A. has been declared unconstitutional because it deprives individuals of property without due process of law. B. suggests that people should pay taxes in proportion to the benefits they derive from public goods and services. C. suggests that taxes should vary directly with people's income and wealth. D. suggests that taxes should vary inversely with people's income and wealth.
Today, the average U.S. tariff is 1.6 percent of the value of imported goods, which is very low by historical standards.
Answer the following statement true (T) or false (F)