Taxes that distort economic decisions impose excess burdens.
Answer the following statement true (T) or false (F)
True
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The Second Bank of the United States lost its charter, in part, because Andrew Jackson effectively argued to the voting members of Congress that the "central" bank was a monopoly and largely influenced by the corrupt and fraudulent behavior of a
wealthy minority and foreign investors. Indicate whether the statement is true or false
The law firm of Cheep, Cheeper, and Cheeperstill offers a salary of $35,000 to first-year lawyers. This firm will attract applications from
a. exactly the number of lawyers the firm wishes to hire b. many lawyers whose marginal revenue product is greater than $35,000 c. many lawyers whose marginal revenue product is less than $35,000 d. only lawyers whose marginal revenue product is equal to $35,000 e. many lawyers whose marginal revenue cost is equal to $35,000
The manufacturing unit of a local LED bulb producing company reports a daily output of 450 bulbs with 50 units of labor. When the 51st worker is hired, production increases to 475 bulbs, and when the 52nd worker is hired, production increases to 490 bulbs. This is an example of: a. a deadweight loss
b. decreasing returns to scale. c. diminishing marginal returns. d. a decrease in labor demand.
Buying shares of corporate stock tends to be more risky when
a. the stock of a single corporation is purchased. b. the stock may have to be sold within a few months. c. all stocks bought are in the same industry. d. all of the above are true.