The quantitative relationship between inputs and outputs is called
A. production technology.
B. consumer technology.
C. labor-intensive technology.
D. capital-intensive technology.
Answer: A
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In the U.S., people tend to discard items rather than repair them because
a. Americans are lazy b. of the high opportunity cost of time c. it is costly to use land for waste disposal d. high wages in the waste disposal industry discourages repairs e. low wages in the repair industry encourages disposal
Involuntary exchanges, such as robbery,
a. represent potential Pareto improvements b. are positive externalities c. are not Pareto improvements d. are antitrust violations e. may be Pareto improvements
Suppose that in a certain nation the flat income tax rate of 40 percent is reduced to 35 percent and as a result the tax base falls from $400 billion to $375 billion. As a result, tax revenues __________, indicating the nation is on the __________ portion of its Laffer curve
A) rise; upward-sloping B) rise; downward-sloping C) fall; upward-sloping D) fall; downward-sloping
Flu vaccinations of school children have the unintended effect of protecting the vulnerable elderly from contracting the virus. This is an example of a:
A. goods distribution. B. social force. C. free rider problem. D. positive externality.