Sally wishes to spend more time this week studying for her classes. Using the idea of a production possibilities curve, and assuming Sally is currently spending all of her time efficiently, Sally can spend more time studying this week only if
What will be an ideal response?
she spends less time doing other things.
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If a tax system is progressive, then
A) the average and the marginal tax rates are equal. B) the marginal tax rate is greater than the average tax rate as income rises. C) the marginal tax rate is lower than the average tax rate as income rises. D) the average tax rate is constant, but the dollar amount paid in taxes increases as income increases.
The main explanation for why the cheap foreign labor argument is a poor reason for restricting international trade is that:
A. workers who get paid less tend to have lower productivity than those who get paid more. B. all firms and workers gain when there are no restrictions on international trade. C. infant industries such as steel and automobiles need to be protected. D. specialization and free trade usually raise the prices of all the traded goods, so that the workers can get paid more.
At prices above a consumer’s reservation price:
A. the opportunity cost is less than the benefit from having the good. B. the opportunity cost is greater than the benefit from having the good. C. the buyer will purchase the good. D. the willingness to pay is greater than the price.
A decline in bank lending has the most significant effect on
A) small businesses. B) large businesses. C) state governments. D) federal government.