When a firm's average revenue falls, the marginal revenue also falls and is less than the average revenue
a. True
b. False
Indicate whether the statement is true or false
True
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Recently, there has been little political stability in Brazil
Indicate whether the statement is true or false
"If all economists were laid end to end, they would not reach a conclusion.". Who made this whimsical observation?
a. Harry Truman b. George Bernard Shaw c. John Maynard Keynes d. Ronald Reagan
Suppose a steel mill pollutes the lake and harms a fishing firm. Under a Coase bargaining solution, an efficient solution exists between the two entities if:
A. the property rights to the lake is assigned to the fishing firm. B. the property rights to the lake is assigned to the steel firm. C. the property rights to the lake is assigned to the government. D. the property rights to the lake is assigned, regardless to whom it is assigned, the steel mill or the fishing firm.
In a progressive tax system
A. the marginal tax rate and the average tax rate decrease as income levels increase and the marginal tax rate is less than the average tax rate. B. the marginal tax rate and the average tax rate increase as income levels increase and the marginal tax rate exceeds the average tax rate. C. the marginal tax rate increase as income increases but the average tax rate does not change as income increases. D. the marginal tax rate and the average tax rate are the same for every income level and the same as income increases.