Inflation
A. has no impact on taxing strategies.
B. can be temporarily offset with tax cuts.
C. only became a tax problem in the late 1990s.
D. generally affects state governments most severely.
B. can be temporarily offset with tax cuts.
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The price of leisure
A) is the same for everyone. B) depends on the number of hours worked. C) is measured as foregone earnings. D) is immeasurable.
A discouraged worker is one who
A. is unhappy with his job. B. quits his job to attend college. C. leaves the labor force after an unsuccessful job search. D. None of the choices are true of a discouraged worker.
A firm is hiring resources X, Y, and Z in the profit-maximizing amounts when:
A. MRP x /P x equals MRP y /Py equals MRP z /P z equals 1. B. the sum of the MRPs of the three resources is at a minimum. C. the marginal revenue productivity of all three resources is the same. D. the marginal revenue product of the last dollar spent on each of the three resources is the same.
A firm finds that it must increase wages to attract extra workers. The firm will hire labor up to the point where the marginal
A. revenue product equals the additional cost of hiring an extra worker. B. revenue product of labor is greater than the wage rate. C. product of labor equals the wage rate. D. revenue product of labor starts to decline.