The notion that a decline in tax rates and other incentives will spur individuals and firms to increase productivity is typically referred to as

Why must total income be identical to the dollar value of total output?

What will be an ideal response?

Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour. The opportunity cost of producing a unit of Y is

A) 1 unit of X per unit of Y for Agnes and 2 units of X per unit of Y for Brenda. B) 1 unit of X per unit of Y for Agnes and 1/2 unit of X per unit of Y for Brenda. C) 1 hour for Agnes and 1/2 hour for Brenda. D) 1 hour for Agnes and 2 hours for Brenda.