Capitalism is an economic system in which the ownership of resources is mostly
A. private.
B. collective.
C. by government.
D. All of the choices are true.
A. private.
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A firm's value of marginal product of labor curve
A) is flatter than its demand for labor curve. B) is steeper than its demand for labor curve. C) is its demand for labor curve. D) bends backward.
How does an increase in the proportional labor income tax modify the consumer's budget constraint?
A) a parallel move up B) a parallel move down C) the slope decreases (constraint gets steeper) D) the slope increases (constraint gets flatter)
If the market supply curve slopes upward
a. each unit of the good costs more to produce than previously produced units did b. each unit of the good is worth more than the market price c. each unit of the good is worth the market price paid for it. d. the market is efficient e. the market must be imperfectly competitive
Each point on a production possibilities curve shows ____________ .
a. efficient utilization of resources. b. underutilization of resources. c. the potential for future growth. d. the relationship of shortage to scarcity.