The marginal tax rate is the tax rate paid on
A. all supplemental income.
B. any additional income earned.
C. all income earned.
D. taxable retirement income.
Answer: B
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Refer to Table 2-7. The Shellfish Shack produces only shrimp and oysters. The table above shows the maximum possible output combinations of the two types of shellfish using all resources and currently available technology
a. Suppose The Shellfish Shack is currently producing at point E. What is the opportunity cost of producing an additional 11,000 pounds of oysters? b. Suppose The Shellfish Shack is currently producing at point E. What happens to the opportunity cost of producing more and more shrimp? Does it increase, decrease, or remain constant? Explain your answer. c. Suppose The Shellfish Shack is currently producing at point B. What happens to the opportunity cost of producing more and more oysters? Does it increase, decrease, or remain constant? Explain your answer. d. Suppose The Shellfish Shack is plagued by a disease which destroys oyster beds but not shrimp habitats. What would happen to its PPF?
In the specific factors model, which of the following is treated as a specific factor?
A) land B) labor C) cloth D) food E) technology
What are the short-run economic effects when U.S. firms substitute labor outside of the U.S. for labor inside the U.S.?
A) The demand curve for labor in the U.S. decreases, and the demand curve in the foreign country will increase. B) The demand curve for labor in the U.S. increases, and the demand curve in the foreign country will decrease. C) The demand curve for labor in the U.S. decreases, and the demand curve in the foreign country will decrease. D) The demand curve for labor in the U.S. increases, and the demand curve in the foreign country will increase.
The earnings of a resource include both opportunity cost and economic rent, if the supply curve of a resource is downward sloping
Indicate whether the statement is true or false