What is one way the Federal Reserve Bank serves the government?
What will be an ideal response?
Answer: selling government securities
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Suppose that a lawn mowing services production function for lawns mowed in a week is M = (LK)1/2, where L is labor hours and K is the amount of capital (mowers and trimmers). The expansion path depends on
a. the wage rate only. b. the rental rate only. c. both the wage and rental rates. d. neither the wage nor rental rates.
Which of the following is not an example of a resource?
a. an office building b. a product's price c. the land plowed by a farmer in order to grow corn d. the chief executive officer of a large corporation
A person is unemployed if he works for a family business without pay
a. True b. False Indicate whether the statement is true or false
If a tax system is progressive, then
A. the marginal tax rate is greater than the average tax rate as income rises. B. the average tax rate is constant, but the dollar amount paid in taxes increases as income increases. C. the average and the marginal tax rates are equal. D. the marginal tax rate is lower than the average tax rate as income rises.