The majority of elementary and secondary school expenditures is financed by federal and state income taxes
Indicate whether the statement is true or false
F
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When good X is produced, some people benefit. A free-rider problem arises when
a. the number of people who benefit is small and it is impossible to prevent anyone from benefiting. b. the number of beneficiaries is small and it is possible to prevent some people from benefiting. c. the number of beneficiaries is large and it is impossible to prevent anyone from benefiting. d. the number of beneficiaries is large and it is possible to prevent some people from benefiting.
A $40 billion reduction in taxes increases Real GDP by $150 million. Assuming a constant price level, what does the tax multiplier equal?
A) 3.75 B) 3.00 C) 37.50 D) 0.27 E) ?0.73
To maximize its profit, a monopoly should choose a price where demand is:
A. elastic. B. inelastic. C. unitary elastic. D. vertical.
For the law of diminishing returns to be present, we must have:
A. at least one factor of production to be fixed. B. output decreasing as more laborers are hired. C. the price of labor increasing as more workers are hired. D. simultaneous changes in labor and capital.