Supply-side economists believe that, if the marginal tax rates are high, we can raise tax revenue by ________.
Fill in the blank(s) with the appropriate word(s).
cutting tax rates
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Marginal cost
A) cuts average variable cost and average fixed cost at their lowest point. B) cuts average variable cost and average total cost at their lowest point. C) rises and then falls. D) is the mirror image of marginal product.
If the income elasticity of demand for good A was 3.9 and the income elasticity of demand for B was 0.2: a. Both good A and good B are normal
b. Both good A and good B are inferior. c. Good A is normal and good B is inferior. d. Good A is inferior and good B is normal.
An isoquant is a curve that shows all the combinations of two inputs that will produce the same level of output
Indicate whether the statement is true or false
A sustained increase in total output is possible only if the aggregate _____ curve shifts to the _____.
A. Supply; left B. Supply; right C. Demand; left D. Demand; right