The marginal income tax rate applies to
A. the income in the highest tax bracket reached.
B. the income received by people above the national average.
C. all income earned by a family.
D. the income of the highest income U.S. taxpayers.
Answer: A
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The supply curve is upward sloping because of
A) increasing marginal cost. B) decreasing marginal benefit. C) decreasing marginal cost. D) increasing marginal benefit. E) increasing total cost.
Nominal GDP is $12.1 trillion and real GDP is $11.0 trillion. The GDP price index is
A) 90.1. B) 121. C) 1.10. D) 91.0. E) 110.
All of the following statements are true of the minimum efficient scale except one. Which one?
A) Any increase in the scale of operation will encounter either constant returns to scale or diseconomies of scale. B) All possible economies of scale have been exhausted. C) The short-run average total cost curve's minimum point is equal to the long-run average cost curve's minimum point. D) An increase in the output level will increase profit.
Which of the following is the formula for the average product of labor?
A. F(L) - F(L - ?L) B. F(L)/L C. F(L)/?L D. [F(L) - F(L - ?L)]/?L