A tax of a specific absolute sum levied on every person in the nation is called a(n)
a. income tax
b. proportional tax
c. progressive tax
d. equitable tax
e. poll tax
E
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Suppose a price-taking firm uses a single input - labor - to produce an output x. The production technology has diminishing marginal product of labor throughout. a. On a graph with labor hours on the horizontal and output on the vertical axis, illustrate the production frontier for this firm. b. For a given wage rate w and output price p, illustrate three isoprofit curves corresponding to profit levels ?
What will be an ideal response?
What are the three limitations on human rationality that behavioral economics emphasizes?
What will be an ideal response?
Suppose the dollar rises from 100 to 125 yen. As a result,
a. imports from Japan will likely increase. b. exports to Japan will likely increase. c. Japanese tourists will be more likely to visit the United States. d. U.S. businesses will less likely use Japanese shipping lines to transport their products.
A monopolistically competitive firm is currently charging a price of $20 and producing 3,000 units/month. It faces monthly fixed costs of $1,000 and has an average variable cost of $22/unit. We would expect:
a. The firm to earn an economic profit in the long run b. The firm to shut down in the short run c. The firm to raise its price to cover its variable costs d. The firm to adjust its production to minimum efficient scale