One reason that labor productivity has increased is because of disembodied technical change.
Answer the following statement true (T) or false (F)
True
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The lowest marginal tax rate used in the United States is
A. 10 percent. B. 28 percent. C. 33 percent. D. 39.6 percent.
A balanced budget would require that when real GDP was growing rapidly,
a. the government raise taxes or cut expenditures. This would increase the magnitude of economic fluctuations. b. the government raise taxes or cut expenditures. This would decrease the magnitude of economic fluctuations. c. the government cut taxes or raise expenditures. This would increase the magnitude of economic fluctuations. d. the government cut taxes or raise expenditures. This would decrease the magnitude of economic fluctuations.
Given the supply and demand conditions illustrated in Figure 3-2, the equilibrium price of steak is
a. $2 per pound. b. $4 per pound. c. $6 per pound. d. $8 per pound.
A natural monopoly owes its existence to
A. control of a key input. B. patents. C. persistently declining long-run average costs as scale increases. D. increasing marginal returns and the ability to obtain quantity discounts from suppliers.