As the price of washing machines fell, tens of millions of housewives substituted _______ for _______.
Fill in the blank(s) with the appropriate word(s).
capital; labor
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Mike lives and works as a musician in the U.S. However, he sometimes plays in concerts in foreign countries. The money he earns from these concerts are treated as ________ in the U.S. current account
A) imports B) exports C) factor payments from foreigners D) transfer receipts
Refer to the table below. If the profit for each unit of paper product is $3.00 and the profit for each unit of lumber is $13.50, what is Big Oaks' marginal cost of producing between points C and D on their production possibilities frontier?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) $7.50
B) $2.50
C) $3.75
D) $9.25
What is true of marginal cost when marginal returns are decreasing?
a. It is negative and increasing. b. It is negative and decreasing. c. It is positive and increasing. d. It is positive and decreasing. e. It is positive and has a constant slope.
Provide several examples of important taxes on labor in the United States. For a typical worker, what is the marginal tax rate on labor income once all the labor taxes are summed?