If the tax system is made more progressive, the after-tax wages of high-income workers would _____
a. fall
b. rise
c. stay constant
d. rise or fall depending upon job market conditions
a
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
When two goods have negative cross elasticities of demand and negative income elasticities, they are: a. Normal and substitutes
b. Normal and complements. c. Inferior and substitutes. d. Inferior and complements.
When pollution problems arise from a sudden crisis, pollution taxes are a useful form of control
a. True b. False Indicate whether the statement is true or false
If a firm is a price taker, then its marginal revenue will always equal
A) price. B) total cost. C) zero. D) one.