When the slope of the total production curve steepens, it means:
A. the marginal product must be increasing.
B. the marginal product must be decreasing.
C. diminishing marginal product must hold.
D. None of these is true.
A. the marginal product must be increasing.
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A high inflation rate will
A) harm those who have saved while helping those who have borrowed. B) harm those who have borrowed while helping those who have saved. C) harm those who have saved and those who have borrowed. D) benefit those who have saved and those who have borrowed.
The Earned Income Tax Credit (EITC)
A. provides more income to those people on welfare. B. is a tax on low income workers. C. provides additional tax credits to low income workers. D. is a tax break for the wealthiest Americans.
This profit-maximizing firm charges a price of
A. OV.
B. OW.
C. OX.
D. Z.
Which of the following best describes the built-in stabilizers as they function in the United States?
A. The size of the multiplier varies inversely with the level of GDP. B. Personal and corporate income tax collections automatically fall and transfers and subsidies automatically rise as GDP rises. C. Personal and corporate income tax collections and transfers and subsidies all automatically vary inversely with the level of GDP. D. Personal and corporate income tax collections automatically rise and transfers and subsidies automatically decline as GDP rises.