Exhibit 6-14 Cost curves
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In Exhibit 6-14, constant returns to scale only exist for output levels between:
A. 0 and 1,000.
B. 1,000 and 2,000.
C. 2,000 and 3,000.
D. 3,000 and 4,000.
Answer: C
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The total U.S. labor force participation rate increased over the past 50 years because
A) the female labor force participation rate increased. B) more men are retiring early. C) fewer women are attending college. D) many blue-collar jobs with rigid work hours have been created in the last decade. E) the male labor force participation rate increased.
In a budget line/indifference curve diagram, at the consumer equilibrium
A) any movement upward or downward on the budget line will move the consumer to a less preferred point. B) any movement to the northeast to higher indifference curves moves the consumer to a less preferred point. C) the slope of the budget line is as much larger as possible than the marginal rate of substitution. D) All of the above statements are correct.
For most goods and services the income elasticity of demand is
A) negative. B) positive. C) invisible. D) inverse.
The second largest source of revenue for the federal government is the
A. import tax. B. payroll tax. C. export tax. D. federal property tax.