The marginal product of the fourth worker is
A) 150 units of output.
B) 24 units of output.
C) negative.
D) 36 units of output.
B
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State and local governments receive most of their revenue from
A) sales and excise taxes, revenue from the federal government, and property taxes. B) individual income taxes, social insurance contributions, and property taxes. C) corporate income taxes, property taxes, and personal income taxes. D) property taxes, sales and excise taxes, and Social Security contribution.
If a monopoly is maximizing profits:
a. price will always be greater than average cost. b. price will always equal marginal cost. c. price will always be greater than marginal cost. d. price will always equal marginal revenue.
The ability-to-pay principle is most closely tied to the concept of
a. horizontal equity in taxation. b. fiscal federalism. c. vertical equity in taxation. d. the benefits principle of tax equity.
An auction house is an example of a financial intermediary
a. True b. False Indicate whether the statement is true or false