The largest source of revenue for the federal government is __________ and the largest outlay is for __________.
a) corporate taxes; Social Security
b) personal income taxes; expenditure on goods and services
c) corporate taxes; interest on national debt
d) personal income taxes; transfer payments
d) personal income taxes; transfer payments
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Refer to the table above. What is the average variable cost of producing 86 units of the good?
A) $30 B) $0.35 C) $2.1 D) $10
If the demand for hand-sewn leather shoes increases, it is highly likely the demand for:
A. leather will decrease. B. skilled sewers will increase. C. needle and thread will decrease. D. all shoe-types will also increase.
Ten cases of spring water are sold for $6 each, and the marginal product of the last unit of labor is 5 . If the price of a case increases from $6 to $8, then the marginal revenue product of the last unit of labor would
a. decrease by $10 b. increase by $40 c. decrease by $30 d. increase by $10 e. not change
The long-run Phillips curve is a vertical line at the natural rate of unemployment
a. True b. False Indicate whether the statement is true or false