Which of the following is a tax on labor?
a. Medicare tax
b. Social Security tax
c. federal income tax
d. All of the above are labor taxes.
d
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Which of the following statements about an increasing-returns-to-scale industry is not true?
a. It will tend to concentrate production in the hands of a very few large firms. b. Firms in the industry face higher costs per unit of production as their level of output increases. c. Opportunity costs may rise with the level of output in such industries. d. Tariffs can be used to stimulate production by a domestic industry capable of achieving increasing returns to scale. e. The costs of producing a unit of output fall as more output is produced in such industries.
Locke's contract theory stated that:
a. People must meet their contractual obligations to other citizens b. People must meet their contract obligations to the state c. Illegal contracts can be disputed in courts d. The state must meet its social contract with its citizens e. All of the above
If the price elasticity of demand for a good is -0.8 and quantity demanded decreases by 40%, price must have
A. decreased by 20%. B. increased by 32%. C. increased by 5%. D. decreased by 32%. E. none of the above
The profit-maximizing monopolist will operate in a price range over which
A. demand is inelastic. B. supply is elastic. C. demand is elastic. D. the price elasticity of demand is less than 1.