Units of CapitalNumber of WorkersOutput/Day50051405290531505420055235
Refer to Table 2.3. What can be observed about the given resources?
A. Capital and labor are both fixed.
B. Capital is variable.
C. Capital is fixed.
D. Labor is fixed.
Answer: C
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Which of the following is not a characteristic of indifference curves?
A. They are negatively sloped. B. They never intersect. C. They are concave toward the origin. D. Combinations of goods that include more of both goods are preferred, on a higher indifference curve.
In the above figure, along which range would total revenue rise by lowering prices?
A) between point a and point b B) between point c and point d C) between point d and point e D) below point e
The mayor of Workerville proposes a local payroll tax to fund a new water park for the city. The mayor proposes to collect half the tax from workers and half the tax from firms. The mayor will be able to successfully divide the burden of the tax equally if the
a. demand for labor is more elastic than the supply of labor. b. supply of labor is more elastic than the demand for labor. c. demand for labor and supply of labor are equally elastic. d. It is not possible for the tax burden to fall equally on firms and workers.
Suppose a country offers a new investment tax credit. Which curve(s) in the aggregate demand and aggregate supply model would be affected, and which way would it (they) shift?