Skeptics of government policy to reduce taxes on saving argue that it would primarily benefit the rich
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose the production function for T-shirts can be represented as q = L0.25 K0.75. When K = 1 and q = 2, what is the slope of the isoquant? If there is insufficient information to answer the question, describe what information is needed
What will be an ideal response?
If Ripco owns the building where it operates, then if
a. the firm pays no rent, there is no opportunity cost b. the firm does not rent the building to anyone else, there is no opportunity cost c. the firm pays no rent, there is an opportunity cost d. its usage of the building precludes it from renting to anyone else, there is an opportunity cost e. the firm could use the building for other things, there is no opportunity cost
Which economist developed the concept of the invisible hand?
a. John Maynard Keynes b. Adam Smith c. Karl Marx d. Milton Friedman
Frictional unemployment refers to