Unions have been consistent supporters of quotas in hiring
Indicate whether the statement is true or false
F
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A decrease in taxes will have no effect on real GDP if
A) the tax decrease is offset by an increase in government spending. B) people look at changes in taxes only in the present. C) the Ricardian equivalence theorem holds. D) there is no crowding out.
Not all state and local taxes are deductible at the federal level
a. True b. False
The pricing rule MR=MC holds for
a. All firms b. Single product firms c. Multiple product firms d. None of the above
Which of the following is an implication of the law of diminishing returns?
a. Total output will decline as more workers are hired. b. In the long run, average total cost will eventually decline as output is expanded. c. In the short run, expansion of output will eventually lead to increases in marginal cost and average total cost. d. A doubling of all inputs will lead to more than a doubling of output.