A production function will begin
A. at the origin.
B. on the horizontal axis.
C. on the vertical axis.
D. in the middle of the diagram (at a positive L and positive output).
Answer: A
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A monopolist will shut down in the short run if: a. price exceeds marginal revenue
b. price is less than marginal revenue. c. price is less than average total cost. d. price is less than average variable cost.
Assume that DeShawn is a single parent who is in poverty. He receives food stamps and Medicaid. For every $100 that he earns, DeShawn loses $35 of his food stamp benefits and $20 in his Medicaid benefits. Also, DeShawn's income is taxed at a rate of 10 percent. Then, Peter's effective marginal tax rate is
a. 45 percent. b. 55 percent. c. 65 percent. d. 70 percent.
When decentralized governmental units operate independently and compete with each other, governments will attract residents and expand their tax base when
What will be an ideal response?
The vertical axis in the AD-AS model shows:
A. the economy's real GDP growth rate. B. the economy's inflation rate. C. the economy's short-term interest rate. D. the economy's nominal GDP growth rate.