Marginal benefit is the benefit
A) that your activity provides to someone else.
B) of producing a good or service when the total benefit from the good or service exceeds its total cost.
C) that is received from consuming one more unit of a good or service.
D) of consuming another good or service divided by the total number of goods or services produced.
C
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Horizontal equity incorporates the notion that
A. those earning higher incomes should pay more in taxes. B. those earning equal incomes should pay the same in taxes. C. taxes paid should be unassociated with income levels. D. there should be no excess burden created by a tax.
If getting accepted into college is very difficult because of high standards of intelligence and ability, but students learn absolutely nothing while in college, it is most likely that
A) they will not be hired upon graduation. B) attendance sends a signal to employers regarding ability. C) nobody will want to go to college. D) a college degree is not a credible signal.
The inflation rate in a particular country between 2000 and 2005 was 4.5 percent. This implies that the total cost of purchasing a basket of goods was $450 in 2000 and_____ in 2005
a. $470.25 b. $20.25 c. $407.25 d. $200.45
For given inputs of labor and capital, if technology is better, labor productivity will be
A. higher. B. lower. C. unchanged. D. characterized by increasing returns to scale.