Place point A on the graph to indicate where the United States economy operated in 1938.
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Refer to Figure 3.1. Which of the following is true concerning Alvin's marginal rate of substitution?
A) It is diminishing. B) It is positive but varies along the indifference curve. C) It is constant. D) It is zero.
Marginal revenue product is obtained by multiplying the price of the product by the marginal resource cost
a. True b. False
Inferior goods have an income elasticity of demand that is
a. positive b. negative c. 0 d. greater than 1 in absolute value e. equal to 1 in absolute value
Based on information provided in the textbook, which of the following statements is true regarding taxing millionaires and the budget deficit in 2012?
A) If the government had taxed all income earners who earned more than $1 million a 100 percent income tax rate, the budget deficit would have been completely eliminated, and a budget surplus would have been incurred. B) If the government had taxed all income earners who earned more than $1 million a 50 percent income tax rate, the budget deficit would have been completely eliminated. C) If the government had taxed all income earners who earned more than $1 million a 100 percent income tax rate, the budget deficit would have fallen but not been completely eliminated. D) If the government had taxed all income earners who earned more than $1 million a 100 percent income tax rate, the budget would have been balanced.