Governments seeking to maximize total tax revenue will place unit taxes on goods with the
a. b and c
b. lowest income elasticity
c. highest cross elasticity
d. lowest price elasticity
e. fewest complements
D
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In a country with 200 million people aged 16 years and older, 120 million are in the labor force, and 114 million are employed, what is the participation rate?
A. 57 percent B. 40 percent C. 95 percent D. 60 percent
If an import quota is imposed on imports of shrimp into the United States, U.S. producers ________ and the U.S. economy will ________
A) gain; be unaffected B) gain; lose C) lose; gain D) lose; lose E) gain; gain
What is meant by productive efficiency? How does a perfectly competitive firm achieve productive efficiency?
What will be an ideal response?
In a short-run production process, a diminishing marginal product of labor explains why marginal cost is
A. positive and rising. B. negative and falling. C. zero. D. positive but falling.