The marginal tax rate can be calculated by which of the following formulas?
A. total taxes due divided by total taxable income
B. total taxable income divided by total taxes due
C. the change in taxable income divided by the change in taxes due
D. the change in taxes due divided by the change in taxable income
Answer: D
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Average physical product measures the increase in total output that results from a one-unit increase in an input.
Answer the following statement true (T) or false (F)
A monopolist will
A. always charge a price higher than average cost. B. always charge a price higher than marginal cost. C. always produce a level of output at which marginal revenue equals marginal cost. D. both b and c E. all of the above
If a dollar is initially valued at 10 Swiss francs and its value changes to 12 Swiss francs, then the value of a Swiss franc (in terms of dollars) has
A. increased only if the demand for Swiss francs has increased. B. remained the same. C. increased. D. decreased.
Firms may react to a payroll tax by
A. hiring more labor. B. reducing their output. C. shifting to less capital intensive techniques. D. substituting labor for capital.