According to the Laffer curve, when the tax rate is 100 percent, tax revenue will be:
a. 0.
b. at the maximum value.
c. the same as it would be at a 50 percent tax rate.
d. greater than it would be at a 50 percent tax rate.
e. the same as it would be at a 20 percent tax rate.
a
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If an economic agent's returns to entrepreneurship is likely to be lower than his opportunity cost of entrepreneurship:
A) he will choose to be an entrepreneur. B) he will always make profits if he chooses to be an entrepreneur. C) he will always make losses if he chooses to be an entrepreneur. D) he will not choose to be an entrepreneur.
Technology is:
A) knowledge that can be applied to the production of goods and services. B) generally unlimited in modern economies. C) a graphical illustration of the alternative combinations of goods and services an economy can produce. D) the resources the economy has available to produce goods and services.