The prosperity phase of the business cycle is _____ followed by the recession phase.
A. always
B. usually
C. sometimes
D. never
A. always
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A decrease in a wage taxes causes the opportunity cost of leisure to increase.
Answer the following statement true (T) or false (F)
An isoquant
A) must be linear. B) cannot have a negative slope. C) is a curve that shows all the combinations of inputs that yield the same total output. D) is a curve that shows the maximum total output as a function of the level of labor input. E) is a curve that shows all possible output levels that can be produced at the same cost.
Taxes and needs-tested spending work as automatic fiscal policy to dampen the business cycle because taxes _______ during an expansion, and needs-tested spending _______ during a recession.
Fill in the blank(s) with the appropriate word(s).
Table 16.2Consider the data in Table 16.2. If each firm is currently generating 100 gallons of wastewater per day, Firm B would be willing to pay up to ________ to Firm A to be able to generate 200 gallons of wastewater per day.
A. $10 B. $12 C. $28 D. $200