The share of GDP taken by taxes is considerably higher in the United States than in other countries.
Answer the following statement true (T) or false (F)
False
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Which of the following best describes comparative advantage?
A) using the fewest number of resources to produce a given amount of output B) being able to produce more output than any other country C) having the largest number of resources compared to other countries D) forgoing the fewest units of one product to produce a unit of another product E) It is the same as absolute advantage.
One way the government can encourage economic growth is to:
A. protect property rights. B. enforce contracts. C. ensure legal agreements will be upheld. D. All of these actions will encourage economic growth.
The "backward bending" portion of the labor supply curve implies that
A. higher wages lead to fewer hours of work supplied. B. the law of diminishing returns has settled in. C. a minimum wage law is in effect. D. higher wages lead to an increase in hours of work supplied.
Refer to the information provided in Table 23.4 below to answer the question(s) that follow.
Table 23.4
Refer to Table 23.4. Society's MPS is
A. 0.1. B. 0.25. C. 0.8. D. 0.9.