A bowed production possibilities curve is consistent with
A) an unchanged opportunity cost.
B) a technologically inefficient society.
C) the underutilization of productive resources.
D) highly specialized resources.
D
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The public-choice view states that
a. all governments are bad and should be abolished. b. macroeconomic policymakers are only interested in the social good. c. policymakers in the public sector work for the public, whereas policymakers in the private sector have private interests. d. macroeconomic policymakers act to maximize their own welfare rather than acting for the social good. e. both c and d.
A positively sloped aggregate supply curve reflects
A. The idea that greater production lowers profit margins, which raises quantity demanded. B. The decrease in the real value of money as the price level rises. C. None or the other choices. D. The rising costs associated with increased capacity utilization.
Intraindustry trade refers to
A) international trade in products made within the same industry. B) international trade in products made across different industries. C) trade that occurs as a result of comparative advantage. D) the exchange of dissimilar items.
Given the following information on the tax paid for different levels of taxable income, fill in the average and the marginal tax rates for each income level. Also explain how to calculate the average tax rate and the marginal tax rate. Is this tax
progressive?
