The tax wedge in the figure above is equal to ________ per hour, which creates an after-tax real wage rate of ________ per hour and employment of ________ billion hours per year
A) $10; $35; 250 B) $10; $35; 200 C) $15; $20; 200 D) $5; $35; 200 E) $15; $30; 250
C
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Which of the following statements is TRUE?
A) consumption + saving = disposable income B) consumption + saving = personal income C) consumption - investment = disposable income D) consumption - saving = personal income
Graphically, the average productivity of labor is illustrated by:
a. the slope of the total product curve at the relevant point. b. the slope of the marginal productivity curve at the relevant point. c. the negative of the slope of the marginal productivity curve at the relevant point. d. the slope of the chord connecting the origin with the relevant point on the total output curve.
In the long run, the economic profits of Hoot's Chicken 'n' Ribs, a monopolistic competitor, are:
a. not eliminated, because competition is not perfect. b. not eliminated, because the demand curve slopes downward. c. eliminated due to firms entering the industry. d. eliminated due to firms leaving the industry. e. not eliminated, because firms cannot enter the industry.
If population is expanding at the same rate as a country's real output: a. real per capita output would increase
b. real per capita output would remain unchanged. c. the production possibilities curve for the country as a whole will be shifting outward. d. both (b) and (c) would be true.