If all taxpayers pay the same dollar amount, the tax is termed a:
A. per unit tax.
B. proportional tax.
C. progressive tax.
D. head tax.
Answer: D
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Which of the following is possible in a 2-input production technology.
A. The technology has increasing returns to scale but diminishing marginal product of all inputs. B. The technology has increasing returns to scale but diminishing marginal product of all but one input. C. The technology has decreasing returns to scale but increasing marginal product of one input. D. (a) and (b) E. (a) and (c) F. (b) and (c) G. None of the above H. All of the above
If a price ceiling of $3 is imposed on gasoline and the market price is $2,
a. the price of gasoline will rise. b. the price of gasoline will fall. c. the price of gasoline will remain unchanged. d. the demand for gasoline will increase.
Assuming that the average duration of its assets is four years, while the average duration of its liabilities is three years, then a 5 percentage point increase in interest rates will cause the net worth of First National to ________ by ________ of
the total original asset value. A) decline; 5 percent B) decline; 10 percent C) decline; 15 percent D) increase; 20 percent
If total product for each of five units of labor is 10, 16, 20, 30, and 34, respectively, the marginal product of the third unit is
a. 20 b. 10 c. 4 d. 0 e. 6