The comparison of after-tax income distribution among countries is difficult for all the following reasons except differences in
a. peoples' abilities
b. tax systems
c. government assistance programs
d. cultures, for example preferences for leisure
e. peoples' tolerance of income inequality
A
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Diminishing marginal returns lead to diminishing returns
A) when marginal returns fall but remain positive. B) only in theory. C) when marginal returns become negative. D) when labor exceeds capital.
A business that is jointly owned by two or more people is called a:
a. partnership b. nonprofit c. nonprofit d. sole proprietorship
Suppose that there are two industries, A and B. There are five firms in industry A with sales at $5 million, $2 million, $1 million, $1 million, and $1 million, respectively. There are four firms in industry B with equal sales of $2.5 million for each firm. The four-firm concentration ratio for industry A is:
A. 1.0. B. 0.7. C. 0.8. D. 0.9.
A price ceiling set below the market clearing price will tend to cause which of the following?
A. an increase in demand B. a shortage C. a surplus D. a reduction in supply