If a household has $40,000 in taxable income and its tax liability is $20,000, the household's average tax rate is
a. 10 percent.
b. 25 percent.
c. 40 percent.
d. 50 percent
D
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Using the figure above, suppose education is provided by public colleges. At what level should tuition be set to ensure the efficient number of students?
A) $10,000 B) $5,000 C) $20,000 D) $25,000 E) $15,000
A stand of redwood trees is not an example of a factor of production but the harvested and processed redwood is a factor of production
Indicate whether the statement is true or false
Refer to the graph shown. The output range in region a is associated with:
A. constant returns to scale. B. diseconomies of scale. C. economies of scale. D. increasing marginal productivity.
The slope of the production function while holding capital fixed is
A. the labor-capital ratio. B. the average product of labor. C. the marginal product of capital. D. the capital-labor ratio. E. the marginal product of labor.