When a specialized worker gains insights into a particular task that leads to better production methods, this is called
A) repetition. B) specialization. C) continuity. D) innovation.
D
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Refer to Table 18-6. Sasha is a single taxpayer with an income of $60,000. What is his marginal tax rate and what is his average tax rate?
A) marginal tax rate = 17%; average tax rate = 21% B) marginal tax rate = 23%; average tax rate = 38% C) marginal tax rate = 38%; average tax rate = 23% D) marginal tax rate = 38%; average tax rate = 24%
The economic problem is concerned with:
(a) Scarcity. (b) Disequilibrium. (c) Too much government intervention. (d) All of the above.
Which of the following is consistent with a competitive market?
A.) A small number of firms B.) Exit of small firms when profits are high for large firms C.) Zero economic profit in the long run D.) Marginal revenue lower than price for each firm
The primary cause of frictional unemployment is:
A. discouraged workers who give up looking for work. B. fluctuations in aggregate demand. C. the lack of training and marketable qualifications in job seekers. D. inaccurate information about job opportunities.