Joe complains that 32% of his income last year went to taxes. He is referring to his
A. marginal tax rate.
B. proportional tax rate.
C. average tax rate.
D. progressive tax rate.
Answer: C
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Production technologies A and B can have the same-shaped isoquant map, with technology A having decreasing returns to scale and technology B having increasing returns to scale.
Answer the following statement true (T) or false (F)
In the example of the Nike running shoe, we see that
A) selling costs account for over half of a shoe's retail price. B) materials actually account for two-thirds of the retail price of the shoes. C) taxes account for one-quarter of the retail price of the shoes. D) production costs exceed selling costs by a wide margin. E) raw materials costs are by far the largest component of the total costs of producing the shoes.
Which is not a factor that makes cognitive mistakes more likely?
a. uncertainty. b. time pressure. c. repetition. d. large number of choices.
To maximize social welfare in the presence of a negative externality, marginal ____ must equal marginal ____
a. social cost; private cost b. private cost; social cost c. social cost; social benefit d. private cost; social benefit