Calculate the APC.
APC = $27,000/$35,000 = .77
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The distribution of income is not a zero-sum game
Indicate whether the statement is true or false
In 2004, Jamal lost his job as a shipbuilder. His shipyard never reopened, and his very specialized skills as a shipbuilder were no longer in demand. Jamal's unemployment is best classified as _____
a. cyclical b. structural c. seasonal d. frictional e. voluntary
The view held by Arthur Laffer and Ronald Reagan that cuts in tax rates would encourage people to increase the quantity of labor they supplied became known as
a. California economics. b. welfare economics. c. supply-side economics. d. elasticity economics.
As we move down and to the right along an indifference curve, the marginal rate of substitution:
A. increases. B. decreases. C. remains constant. D. increases, then decreases.