The factors of production include all goods and services produced in an economy
a. True
b. False
Indicate whether the statement is true or false
False
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(Long run) average cost curves are U-shaped when the production technology has decreasing returns to scale and the firm faces recurring fixed costs.
Answer the following statement true (T) or false (F)
Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess ________ of money which will cause the interest rate to fall
A) right; supply B) right; demand C) left; supply D) left; demand
The rule of rational choice is that in trying to make themselves better off, people alter their behavior if the expected marginal benefits to them from doing so ____ the expected marginal costs they will bear. a. exceed
b. equal. c. are less than. d. Either a. or b.
The tax brackets in a particular year are 10% on earnings up to $35,000, 20% on earnings from $35,001 to $75,000, 30% on earnings from $75,001 to $150,000, and 33% on earnings over $150,000. Professor Schmidt earns $125,000. Which information do we need to use to calculate her marginal tax rate?
a. the lowest tax rate and the highest tax rate b. the tax rate for each category up to $150,000 c. the highest tax rate she will pay on her income d. her salary and the tax rate on wages over $150,000