In only one of the following situations is a nation's standard of living certain to increase. Which one?
a. Real GDP rises faster than population.
b. Real GDP rises faster than the price level.
c. Real GDP rises.
d. Real GDP rises faster than the number of people employed.
e. Real GDP rises faster than the number of people unemployed.
A
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When the marginal product of labor exceeds the average product of labor
A) the average product of labor is increasing. B) the average product of labor is decreasing. C) the total product curve is negatively sloped. D) the firm is experiencing decreasing returns to scale.
The Laffer curve illustrates how taxes in markets with greater elasticities of demand compare to taxes in markets with smaller elasticities of supply
a. True b. False Indicate whether the statement is true or false
The federal government receives most of its revenue from three sources: personal income tax, corporate income tax, and payroll tax.
Answer the following statement true (T) or false (F)
The main reason a monopolist can earn long-run economic profit, whereas a perfectly competitive firm cannot, is that
a. monopolists operate under economies of scale b. perfectly competitive firms have opportunity costs c. demand for the monopolist's output is inelastic d. demand for the monopolist's output is elastic e. there are no barriers to entry in perfect competition