Alice, Bob, and Cody live in Wesland. Their annual incomes and the amounts they pay in income tax are shown in the table below. Income Tax Alice 30,000 6,000 Bob 50,000 7,500 Cody 100,000 12,000 The income tax in Wesland is
A) proportional.
B) regressive.
C) flat-rate.
D) progressive.
B
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A major impact of the transatlantic telegraph was
A) a reduction in time required to complete a financial transaction between New York and London B) an increase in labor flows across the Atlantic. C) a decrease in trade barriers between the United States and Europe. D) an increase in trade conflicts between the United States and Europe. E) that nations abandoned the gold standard.
Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. The expansion path depends
a. on the price of corn-based feed only. b. on the price of soybean-based feed only. c. on neither the price of corn-based or soybean-based feed. d. on whether the price of corn-based feed is greater than or less than 2/5 the price of soybean-based feed.
The costs of unemployment to an individual out of work are larger now than in the 1930s.
Answer the following statement true (T) or false (F)
If a firm is hiring variable resources D and F in perfectly competitive input markets, it will minimize the cost of producing any level of output by employing D and F in such amounts that:
A. the price of each input equals its MP. B. MP D = MP F . C. MP D /P D = MP F /P F . D. MP D /P F = MP F /P D