If a tax rate is constant as income rises, the tax is proportional
Indicate whether the statement is true or false
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Cross-price elasticity of demand is
A. negative for substitute goods. B. positive for general goods. C. negative for complementary goods. D. unitary for secondary goods.
Refer to Figure 11-2. The average product of labor declines after L2 because
A) the marginal product of labor is below the average product of labor. B) the marginal product of labor is negative. C) the marginal product of labor is falling. D) the marginal product of labor is positive.
Compared to a perfectly competitive firm, a monopolist
A. is less likely to advertise. B. will, according to Schumpeter, invest fewer resources in research and development. C. usually produces an inefficiently small level of output. D. is less likely to face government regulation.
Countries that increase their rates of production and growth by educating their workers are investing in ______.
a. a natural resource b. physical capital c. technology d. human capital