Economics can be defined as the social science that explains the ________
A) choices made by politicians
B) choices we make when we trade in markets
C) choices that we make as we cope with scarcity
D) choices made by households
C
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Neutral technological progress occurs when
a. higher output levels are achieved with the same quantity and combinations of factor inputs. b. higher output levels are achieved by more capital intensive methods. d. higher output levels are achieved by more labor intensive methods. e. higher output levels are achieved.
For substitutes, cross price elasticity of demand is:
a. Negative b. Positive c. between zero and one only d. zero.
Which of the following is an example of countervailing power at work?
a. The government monopolizes the United States Postal Service. b. Ford and General Motors join forces to raise prices. c. Compaq and IBM merge. d. Microsoft lowers price below cost to drive rivals out of business. e. Big business is met across the bargaining table by big labor.
Sue earns income of $80,000 per year. Her average tax rate is 40 percent. Sue paid $4,500 in taxes on the first $30,000 she earned. What was the marginal tax rate on the rest of her income?
a. 15 percent b. 32 percent c. 40 percent d. 55 percent