A person who is in the 15 percent marginal tax bracket and has a total taxable income of $100,000 will owe $15,000 in taxes
a. True
b. False
Indicate whether the statement is true or false
False
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Once production has reached the maximum average product of labor, if production increases then
A) average fixed cost rises. B) total costs decrease. C) total product decreases. D) decreasing marginal returns occur. E) the plant size must be increased.
During a recession, which of the following will be true?
a. The actual rate of unemployment will be lower than the natural rate. b. Actual GDP will be lower than potential GDP. c. The employment/population ratio will increase substantially. d. Actual inflation will be higher than was anticipated.
The marginal product of land depends on the quantity of land that is available
a. True b. False Indicate whether the statement is true or false
A production possibilities curve indicates the
A. Combinations of goods and services an economy is actually producing. B. Maximum combinations of goods and services an economy can produce given its available resources and technology. C. Average combinations of goods and services an economy can produce given its available resources and technology. D. Maximum combinations of goods and services an economy can produce given unlimited resources.