GDP growth on a year-to-year basis is called
A. short-term growth.
B. real growth.
C. long-term growth.
D. nominal growth.
Answer: A
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If, as your taxable income decreases, you pay a larger percentage of your taxable income in taxes, then the tax is
A) regressive. B) progressive. C) proportional. D) unfair.
Assume the elasticity of of supply for a particular good has been estimated to equal 1.8. In this case, a 10 percent increase in product price would cause the quantity supplied to:
A) decrease by 1.8 percent. B) increase by 1.8 percent. C) decrease by 18 percent. D) increase by 18 percent.
In the socialist controversy
a. Marx demonstrated the superiority of capitalism b. Marx demonstrated the superiority of socialism c. Keynes showed that capitalism was unstable d. Hayek and Mises argued that socialism would be inefficient e. Kornai talked about soft budgets
Suppose that the price of capital is $10 per unit and the price of labor is $8 per unit. Write an equation for an isocost line using this information. What would be the slope of this isocost line?
What will be an ideal response?