The slope of a production possibilities curve is ________ because ________.
A. positive; producing more of one good requires producing more of the other
B. negative; producing more of one good requires producing less of the other
C. positive; producing more of one good requires producing less of the other
D. negative; producing less of one good requires producing less of the other
Answer: B
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A tax for which the rate varies directly with the income of the person taxed is known as a(n):
a. regressive tax. b. progressive tax. c. proportional tax. d. flat tax. e. excise tax.
The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour. With the minimum wage law enacted, the potential loss from job search in Midland city is
A) $60 million. B) $120 million. C) $40 million. D) zero.