In 1963, the tax rate for those individuals earning in the highest income tax bracket was 91 percent
a. True b. False
a
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"It is possible to restrict imports and still maintain a fixed level of exports." Do you agree or disagree? Why?
What will be an ideal response?
A profit-maximizing firm invests up to the point at which the marginal rate of return on capital is greatest
a. True b. False
Suppose that the marginal cost of providing public television to one more viewer is zero. If a public television station sets the price of public television equal to its marginal cost, then:
A. the station's total revenue will be zero. B. the station will have an incentive to provide the optimal level of programming. C. the station's total revenue will be positive when there are only a few viewers, but will decline as more viewers tune in. D. the television station will earn zero economic profit.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.