Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206
A. consumption possibilities curve.
B. production function.
C. supply curve.
D. production possibilities curve.
Answer: D
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Which of the following is collected only by local and state governments?
A) Excise tax B) Personal income tax C) Toll taxes D) Payroll tax
Assume the aggregate demand curve intersects the aggregate supply curve in its intermediate range. A decrease in the aggregate supply curve will
A. increase the price level and decrease real GDP. B. decrease the price level and increase real GDP. C. increase both the price level and real GDP. D. decrease both the price level and real GDP.
The marginal product of any input into the production process is the:
A. increase in output that is generated by an additional unit of input. B. decrease in input that is generated by an additional unit of output. C. constant ratio of inputs to outputs. D. ratio total output divided by total quantity.
Transferable pollution rights would allow firms to move into an area that is already as polluted as allowed by EPA standards
a. True b. False Indicate whether the statement is true or false