Marginal utility is total utility divided by the number of units consumed
a. True
b. False
Indicate whether the statement is true or false
False
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As rationing mechanisms, prices
a. and long lines are efficient. b. are efficient, but long lines are inefficient. c. are inefficient, but long lines are efficient. d. and long lines are inefficient.
Suppose that in 2020 the average citizen's federal tax bill is $9,372, and total federal spending is $10,824 per person. In 2020, the federal government will have
a. a budget surplus. b. a budget deficit. c. horizontal equity. d. vertical equity.
Refer to Cost of Production. By comparing the two points on the expansion path, we can conclude that this technology exhibits
The following questions refer to the diagram below. The wage rate is assumed to be $12 per hour, the rental rate is assumed to be $6 per hour, and capital is assumed to be fixed in the short run at 10 hours.
a. decreasing returns to scale.
b. constant returns to scale.
c. increasing returns to scale.
d. zero returns to scale.
Compared to a sales tax, a value-added tax is _____
a. easier to calculate b. harder to collect c. easier to apply to investment goods d. easier to monitor