The amount of additional earnings that must be paid explicitly in taxes or implicitly in the form of a reduction in income supplements is known as the
a. marginal income tax rate.
b. implicit marginal tax rate.
c. explicit benefit-reduction rate.
d. supplemental income tax rate.
B
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________ is the process of determining terms of exchange by individual negotiations between a buyer and a seller
A) Backward induction B) Bilateral bargaining C) Arbitration D) Collective bargaining
Comparing nominal GDP of 2012 to nominal GDP of twenty years ago
A) is an inaccurate measure of the change in total production. B) has no economic meaning. C) will be an accurate measure of the change in total production. D) determines the extent to which the cost of living changed. E) cannot be done because the two GDP measures use different prices.
To maximize their profits and defend those profits from competitors, monopolistically competitive firms must
A) achieve economies of scale. B) differentiate their products. C) lobby government to erect barriers to entry in their industries. D) limit foreign competition in their markets by encouraging the government to impose tariffs and other trade restrictions.
The original Dow Jones Industrial Average (DJIA) contained ____________ stocks, while the DJIA now consists of ____________ stocks.
A. 10; 500 B. 11; 30 C. 15; 50 D. 20; 60