A study by Edward Prescott found that the ________ marginal tax rates in the United States relative to Europe resulted in a ________ quantity of labor supplied in the United States
A) higher; smaller B) lower; smaller C) lower; larger D) higher; larger
C
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Suppose sugar is exported from a nation. In the sugar market who does NOT benefit from the exports?
A) domestic consumers B) domestic producers C) workers in the industry D) foreign consumers
Critics of an equal distribution of income argue that the effect would be to raise the incentive to be productive
a. True b. False Indicate whether the statement is true or false
If the short-run aggregate supply curve is shifting right:
a. the short-run Phillips curve is shifting left. b. the short-run Phillips curve is shifting right. c. the long-run Phillips curve is shifting right. d. the long-run Phillips curve is shifting left.
About planning on capacity utilization: Producers typically
a. disregard interest rates when making long-term decisions about capacity utilization b. end up with high interest rates when planning for future capacity utilization c. operate at 100 percent capacity d. enjoy carrying excess productive capacity e. choose a capacity rate that gives them some degree of short-run flexibility