Refer to the given data. In maximizing its profit, this firm will employ:
A. 2 units of labor.
B. 3 units of labor.
C. 4 units of labor.
D. 5 units of labor.
B. 3 units of labor.
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Suppose that the government taxes income in the following fashion: 20 percent of the first $50,000 . 40 percent of the next $50,000 . and 60 percent of all income over $100,000 . Marshall earns $200,000 . and Lily earns $600,000 . Which of the following statements is correct?
a. Marshall's marginal tax rate is higher than Lily's marginal tax rate. b. Marshall's average tax rate is higher than his marginal tax rate. c. Lily's average tax rate is higher than her marginal tax rate. d. Lily's average tax rate is higher than Marshall's average tax rate.
Microeconomics
A. is generally too complex and abstract to be of much use in making real-world business decisions. B. studies the behavior of individual economic units or segments of the economy. C. contributes to the understanding of ordinary business practices or tactics. D. all of the above. E. both b and c.
On a production possibility frontier, the idea that production and consumption are limited is expressed by
A) the rate at which the frontier slopes downward B) the rate at which the frontier slopes upward C) the items on the X and Y axes D) the frontier itself
The decision about what goods and services will be produced in a centrally planned economy is made by
A) producers deciding what society wants most. B) lawmakers in the government deciding on what will be produced. C) consumers dictating to firms what they need most. D) workers deciding to produce only what the boss says must be produced. E) consumers and firms choosing which goods and services to buy or produce.