A comprehensive income tax with few loopholes is efficient because labor
a. supply is very little affected by taxation.
b. demand is very little affected by taxation.
c. supply is highly responsive to taxation.
d. demand is highly responsive to taxation.
a
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Advocates of discretionary economic policy are most likely to be
A. Keynesians. B. supply-side economists. C. rational expectationists. D. Classical economists.
Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
A. Diane's wage. B. Sam's time. C. Diane's tips. D. Sam's tips.
Are increasing cost industries a result of the law of diminishing marginal returns?
What will be an ideal response?
Kobe has just eaten another cookie and his total utility increased. This means that Kobe's marginal utility for this additional cookie is
A. positive. B. negative. C. zero. D. not determinable without more information.