If the marginal tax rate is less than the average tax rate, the tax would be
A. progressive.
B. regressive.
C. uniform.
D. proportional.
Answer: B
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The value of marginal product of labor is the change in
A) profit from hiring one more worker. B) output from hiring one more worker. C) total revenue from hiring one more worker. D) profit from producing one more unit of output.
An agrarian system refers to
(a) the pattern of land ownership. (b) the type of crops grown. (c) the processing of agricultural commodities. (d) an economy that has no industry.
Using public policy to promote health can:
A. contribute to growth. B. take away resources from those that promote growth. C. hurt a country's chance of reaching high growth. D. discourage citizens from taking care of themselves.
Country A is facing increasing inflation. Country B wants to help Country A but first wants to understand the scale of the problem. Which of the following methods will an economist in Country B use to assess the magnitude of the problem?
a. He or she will calculate the GDP deflator for Country A and compare it with the GDP deflators for countries with known low and moderate inflation rates. b. He or she will calculate the nominal GDP of Country A and compare it with the GDP deflators of countries with known low and moderate inflation rates. c. He or she will calculate the GDP deflator for Country A and compare it with the GDP deflators for other countries in Country A's region. d. He or she will calculate the nominal GDP of Country A and compare it with the nominal GDP of other countries in Country A's region.