Which of the following is most likely to cause the productivity of labor to increase?
a. a higher rate of investment in human and nonhuman capital
b. more flexible working hours and improved retirement plans
c. an increase in the proportion of the workforce that belongs to a labor union
d. higher money wages
a. a higher rate of investment in human and nonhuman capital
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If you pay $2,000 in taxes on an income of $20,000, and a tax of $2,700 on an income of $30,000, then over this range of income the tax is
A) regressive. B) proportional. C) progressive. D) There is insufficient information to answer the question.
An example of an essential facility is
A) the telephone line into your house. B) U.S. Route 66. C) the Golden Gate Bridge. D) your local pizza parlor.
In the above figure, along which range would the demand for this good be most elastic?
A. between point c and point d B. between point d and point e C. between point a and point b D. at point e
The following data show nominal GDP and the appropriate price index for several years. Compute real GDP for each year and indicate whether you have “inflated” or “deflated” nominal GDP in finding real GDP. All GDP are in billions
