Figure 2-4
Which production possibilities frontier(s) in depict(s) a situation in which all resources are perfect substitutes in production?
a.
both C and E
b.
both D and E
c.
C
d.
D
e.
E
d
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The decline in the value of the dollar from 1985 to 1988 was beneficial to
A. American tourists travelling to Europe. B. firms importing goods into America. C. American exporting businesses. D. foreigners holding U.S. government bonds.
Policymakers focus on marginal tax rate changes when making changes in the tax code because the marginal tax rate
A) determines how tax revenue will change as national income increases. B) determines how much revenue the government will have to spend. C) always equals the average tax rate which is harder to measure. D) affects people's willingness to work, save, and invest.
If two individuals have identical schooling, their incomes will be equal.
Answer the following statement true (T) or false (F)
Which of the following taxes has the greatest effect on the natural rate of unemployment?
a) income taxes b) retail sales taxes c) Social Security taxes d) real estate taxes e) inheritance taxes