Which of the following is a true role of education in the process of economic development?
a. Education helps people to make better use of available resources.
b. Increased focus on theoretical education lowers technical experience.
c. Education makes people less receptive to new ideas.
d. Investment in education crowds out the funds available for investing in physical capital.
a
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So long as a monopolist finds itself in the situation where price is greater than average fixed cost at the profit-maximizing (loss-minimizing) level of output, the firm should continue to operate to minimize its losses
Indicate whether the statement is true or false
Suppose the tax amount on the first $10,000 income is $0; $2000 on the next $20,000; $4000 on the next $20,000; $6000 on the next $30,000; and 40 percent on any income over $80,000. Family A has income of $30,000 and Family B has income of $80,000 What is the marginal and average tax rate for each family?
A) Family A: marginal—10 percent; average—6.7 percent; Family B: marginal—30 percent; average—15 percent. B) Family A: marginal—10 percent; average—20 percent; Family B: marginal—30 percent; average—23 percent. C) Family A: marginal—10 percent; average—10 percent; Family B: marginal—40 percent; average—40 percent. D) Family A: marginal—10 percent; average—15 percent; Family B: marginal—40 percent; average—20 percent.