In the above figure, tax revenue is at a maximum when the tax rate is
A) 0 percent.
B) 30 percent.
C) 50 percent.
D) 100 percent.
B
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the instant runoff method. With this method, each voter ranks the towns in order of preference, from first to fourth
The town with the fewest first-place votes will be eliminated, and anyone who voted for that town will have their first-place vote transferred to the town they liked next best. This process continues until only one town is left, and that town will be declared the winner. With this method, the first town to be eliminated is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
If a firm finds that, at its current level of employment, VMP > W, it will
A) be maximizing profits. B) be minimizing profits. C) increase the amount of labor it hires. D) decrease the amount of labor it hires.
The reason some insurance customers are more eager to purchase insurance is
a. they are more risk averse b. they are less risk averse c. they have a greater risk of making a claim d. A and C
For a competitive firm, workers' marginal revenue product equals the marginal product of labor times the:
a. wage rate. b. price of the firm's product. c. interest rate. d. firm's total revenue.