The reason U.S. workers were better paid than foreign workers during the 1950s and 1960s is
A. U.S. workers were better trained and educated.
B. U.S. workers worked harder.
C. we had more capital (plant and equipment) per worker.
D. the U.S. dollar was the world's strongest currency.
C. we had more capital (plant and equipment) per worker.
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From the 1960s to the early 1990s, marginal tax rates _____
a. varied, but not in a consistent direction b. steadily declined c. steadily increased d. remained relatively constant
When a country imposes a tariff:
A. the domestic price of the imported good falls. B. domestic production of the good falls. C. domestic consumption of the imported good falls. D. domestic production of the good is unchanged.
Which of the following sequence of events follows an open market purchase by the Fed?
A. r? ? I? ? AE? ? Y? B. r? ? I? ? AE? ? Y? C. r? ? I? ? AE? ? Y? D. r? ? I? ? AE? ? Y?
Total variable cost ________ as output increases, and total fixed cost ________ as output increases.
A. increases; decreases B. increases; increases C. increases; does not change D. does not change; does not change