Diminishing marginal returns means that aggregate production function is
a. linear
b. downward sloping
c. upward sloping
d. concave
e. convex
D
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Increases in income from other sources than employment can cause the labor ____ curve to shift ____. a. demand; right. b. demand; left
c. supply; right. d. supply; left.
If a monopolist lowers its price to increase sales from 100 to 200 units, then the
a. price at the 200th unit will be less than the marginal revenue of the 200th unit b. price at the 100th unit will be greater than the marginal revenue of the 200th unit c. profit earned producing 200 units will be greater than the profit earned producing 100 units d. price at the 200th unit will be greater than the marginal revenue of the 200th unit e. profit earned producing 100 units will be greater than the profit earned producing 200 units
Death taxes, both state and federal, account for about _____ percent of total tax revenue
a. 1% b. 2% c. 3% d. 10%
The income elasticity of demand measures
A) the income effect of a change in price. B) the responsiveness of quantity demanded to changes in income. C) how a consumer's purchasing power is affected by a change in the price of a product. D) the percentage change in the price of a product divided by the percentage change in consumer income.