Technological improvement always enhances the productivity of resources, and results in an increase in demand for other resources
Indicate whether the statement is true or false
false
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Suppose an economy has a balanced federal budget, and a favorable supply shock hits the economy. Tax revenues will ________ and expenditures on transfer payments will ________, resulting in a budget ________
A) fall; fall; deficit B) increase; fall; surplus C) fall; increase; deficit D) increase; increase; surplus
Refer to Table 18-5. The tax system is
A) progressive throughout all levels of income. B) regressive between $20,000 and $25,000 of income and progressive between $32,000 and $42,000. C) regressive throughout all levels of income. D) proportional throughout all levels of income.
Income per worker has been
A) converging in both the rich countries and the poor countries. B) converging in the rich countries, but not converging in the poor countries. C) converging in the poor countries, but not converging in the rich countries. D) converging in neither the poor nor the rich countries.
In a Mexican factory, each worker can produce 1/8 of a vase or 1/16 of a statue per hour. If there are 400 workers at the factory, the maximum number of vases that could be produced in one hour is
a. 400 b. 25 c. 50 d. 100 e. 80