Only economists and other "social" scientists have areas of dispute within their disciplines
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose Mr. Lee has total income of $120,000, has taxable income of $90,000, and pays $30,000 in taxes. Considering the information, what is Mr. Lee's effective tax rate?
A. 33.33 percent. B. 72 percent. C. 25 percent. D. 66.7 percent.
Related to the Economics in Practice on page 374: Considerable evidence suggests that recently in the United States, executive compensation has ________ and the real wage of the average worker has ________.
A. remained stagnant; decreased B. increased; decreased C. decreased; increased D. increased; remained stagnant
Why can a monopoly make an economic profit in the long run?
A) because there are close substitutes for the firm's product B) because the firm is protected by barriers to entry C) because the firm produces where MR=MC D) because P > MR E) ALL of the above are reasons why a monopoly can make an economic profit in the long run.
All of the following were important colonial industries except:
a. tobacco production. b. production of ships' stores. c. manufacturing of finished metal products. d. shipbuilding.