In the above table, the marginal cost of the seventh unit is
A. $5.00.
B. $3.00.
C. $4.00.
D. $33.00.
Answer: C
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"Those most able should pay the highest taxes" reflects the
a. ability-to-pay principle. b. concept of horizontal equity. c. idea of fiscal federalism. d. benefits principle.
Given our automatic stabilizers and our tax laws, __________ are virtually inevitable during recessions.
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Table 14.3 below to answer the question that follows. Table 14.3B's Strategy ?AdvertiseDon't Advertise??A's profit $75 millionA's profit $200 million?AdvertiseB's profit $75 millionB's profit $50 millionA's Strategy????Don'tA's profit $50 millionA's profit $100 million?AdvertiseB's profit $200 millionB's profit $100 millionRefer to Table 14.3. The result of this game is a prisoners' dilemma. In which of the following cases is it most likely that the firms will be able to overcome the prisoners' dilemma?
A. government intervention B. when both firms follow a maximin strategy C. repeated play D. a single interaction
Refer to Figure 15-11. In the dynamic model of AD-AS in the figure above, if the economy is at point A in year 1 and is expected to go to point B in year 2, and the Federal Reserve pursues no policy, then at point B
A) incomes and profits are rising. B) the economy is below full employment. C) the unemployment rate is very, very low. D) there is pressure on wages and prices to rise. E) firms are operating above their normal capacity.