Which of the following are factors of production?
A. Implicit and explicit costs.
B. Productivity.
C. Land, labor, capital, and entrepreneurship.
D. Output in a production function.
Answer: C
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Why do many economists rate the income tax high in efficiency and equity terms?
An increase in the price of a good causes people to buy less of it because
a. the demand for the good decreases b. they have less income to spend on the good c. the marginal utility from additional units of consumption of the good decreases d. the marginal-utility-to-price ratio for the good decreases e. consumer surplus from consumption of the good decreases
Exemptions and deductions are used
A) to determine what items are subject to sales taxes. B) by taxpayers to reduce the amount of income subject to tax. C) to add to taxes that must be paid. D) to determine the type of tax structure.
Non-neutral technological change is more valuable to labor than neutral technological change
What will be an ideal response?