The U.S. income tax is a:
A. proportional tax.
B. progressive tax.
C. singular tax.
D. regressive tax.
Answer: B
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Keynes argued that when unemployment was high, wages would ________.
A. resist rising B. resist falling C. rise quickly D. fall quickly
If successive units of a good are consumed, the marginal utility gained typically:
A. increases at the same rate for all people. B. increases at different rates for different people. C. decreases at the same rate for all people. D. decreases at different rates for different people.
If a monopsonist offers a wage of $6, he finds that 1,200 people are willing to work for him. This means that the:
a. marginal factor cost is $6. b. marginal factor cost is $200. c. total wage cost is $1,200. d. total wage cost is $7,200. e. $6 wage is too high.
The horizontal segment of the aggregate supply curve
a. shows that real GDP can increase only by affecting the economy's price level b. shows that real GDP can increase without affecting the economy's price level c. depicts a positive relationship between real GDP and the price level d. depicts a negative relationship between real GDP and the price level e. marks the full-employment level of real GDP