Which of the following best explains why so many persons with incomes below the poverty threshold income level work very little or not at all?
a. They confront high implicit marginal tax rates.
b. They do not enjoy income as much as other people.
c. There are no jobs for low-skill workers.
d. They often face very low explicit marginal tax rates.
A
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In economics, money is
A) a financial instrument backed by some precious metal such as gold or silver. B) whatever the government defines it to be. C) anything that people generally accept in exchange for goods and services. D) another term for income.
The firm becomes the dominant organization type whenever
a. markets exist b. markets don't exist c. the net value of centralized, organized production exceeds the net value of market-arranged production d. the net value of market-arranged production exceeds the net value of centralized, organized production e. private enterprise eliminates shirking
Adam Smith's theory of the invisible hand posits that the most efficient allocation of resources is often achieved by:
A. collective action. B. reducing economic inequality. C. government intervention in the market. D. the actions of independent, self-interested buyers and sellers.
If the marginal cost of water pollution abatement is increased, then the optimal amount of water pollution increases.
Answer the following statement true (T) or false (F)