Which of the following is true?
i. Production efficiency occurs only when resources are used to produce the combination of goods that has the greatest value.
ii. Allocative efficiency occurs when marginal benefit equals marginal cost.
iii. A demand curve is a marginal cost curve.
A) only ii
B) only i
C) only iii
D) i and ii
E) ii and iii
A
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How has income inequality changed in recent years? What factors account for the changes?
What will be an ideal response?
The benefits-received principle of taxation is most evident in:
a. progressive tax rates. b. the corporate income tax. c. the personal income tax. d. excise taxes on gasoline.
Real wages of manufacturing workers
a. rose between 1860 and 1890, but then fell for much of the period until 1920. b. remained fairly stable until 1900, but then rose between 1900 and 1914. c. followed a general upward trend from 1860 through 1920. d. exhibited dramatic periods of rise and fall between 1860 and 1920.
If a town has a monopsony, this means:
a. there is only one employer. b. price discrimination takes place. c. goods are priced too high. d. no unions can exist. e. excess profits are being made