Which of the following is an example of a progressive tax?
a. The excise tax on cigarettes.
b. The federal tax on gasoline.
c. The federal personal income tax.
d. All of these.
c
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In the short run, changes in output can only be brought about by a change in the quantity of variable inputs
Indicate whether the statement is true or false
Don can produce 10 pens or 20 pencils in one hour while Bob can produce 5 pencils or 15 pens in one hour. Which of the following statements is correct?
a. Don has an absolute advantage over Bob in the production of pencils and Bob in the production of pens b. Bob has an absolute advantage over Don in the production of pencils c. Bob has a comparative advantage over Don in the production of pens d. Don has a comparative advantage over Bob in the production of pens e. Don does not have a comparative advantage in the production of either good