Which of the following constituted the majority of federal outlays in 2011?
a. Social security and Medicare
b. Defense
c. Net interest paid on the national debt
d. Welfare
a
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Refer to Table 2-16. Does either Estonia or Finland have an absolute advantage and if so, in what product?
A) Estonia has an absolute advantage in lumber. B) Finland has an absolute advantage in lumber. C) Estonia has an absolute advantage in cell phones. D) Finland has an absolute advantage in both products.
A firm is generally more interested in marginal profits than in total profits
a. True b. False Indicate whether the statement is true or false
Which of the following is not an input to production?
a. Technology b. Labor c. Physical capital d. Producer expectations about future prices
Suppose Mr. Lee has total income of $120,000, has taxable income of $90,000, and pays $30,000 in taxes. Considering the information, what is Mr. Lee's effective tax rate?
A. 33.33 percent. B. 72 percent. C. 25 percent. D. 66.7 percent.