If the labor supply curve is nearly vertical, a tax on labor
a. has a large deadweight loss.
b. raises a small amount of tax revenue.
c. has little impact on the amount of work that workers are willing to do.
d. results in a large tax burden on the firms that hire labor.
c
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Using graphs to illustrate the concepts, absolute advantage
A. is shown with differences in slope of a production possibilities curve; comparative advantage is shown with a lower curve. B. requires a very steep curve; comparative advantage requires a curve with a shallow slope. C. on one good requires that the slope of the production possibilities curve be steeper for that good. D. is shown with a higher production possibilities curve; comparative advantage is shown with differences in slope of the curves.
In which of the following years did oil price movements contribute to holding down inflation?
A) 1986 B) 1998 C) 2001 D) All of the above.
If a person is taxed $1,000 on an income of $10,000 . taxed $2,000 on an income of $20,000 . and taxed $3,000 on an income of $30,000 . this person is paying a(n):
a. progressive tax. b. regressive tax. c. proportional tax. d. poll tax. e. excise tax.
Nearly half of federal government research and development spending takes place in the
a. National Science Foundation. b. National Aeronautics and Space Administration (NASA). c. Department of Defense. d. Federal Office of Technology Policy.