The diminishing slope of the per-worker production function reflects the law of diminishing marginal returns
a. True
b. False
Indicate whether the statement is true or false
True
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The U.S. tax system at both the federal and state levels is ________
A) regressive B) proportional C) progressive D) negative
Suppose an executive has a choice between two salary compensation packages. One guarantees him an income of $250,000 a year
The other would give allow him to earn an extra $50,000 a year if profits rise by 2% but receive a pay cut of $50,000 f they don't. Let's assume that there is a 50% chance that the profits could rise by 2% or more and a 50% chance that they won't. Explain why he might accept the $250,000 guaranteed salary. What would have to be true for him to accept the second salary compensation package?
If an excise tax is imposed on automobiles,
a. the demand curve will shift upward and the market price will increase b. the supply curve will shift downward and the market price will increase c. the supply curve will shift upward and the market price will increase d. the equilibrium quantity supplied will increase e. the equilibrium quantity demanded will increase
List and discuss the importance of the major effects of the deregulation that occurred in the 1980s.
What will be an ideal response?