If everyone pays a fixed dollar amount of tax, then the tax is a
A. regressive tax.
B. personal tax.
C. marginal tax.
D. proportional tax.
Answer: A
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The value of the marginal product of labor is the:
A) value of the output produced by all the workers in a firm. B) contribution of an additional unit of labor to a firm's revenue. C) extra output that is produced by hiring an additional unit of labor. D) amount of output produced by the first unit of labor hired by a firm.
How does the text distinguish between the market and government?
A) The market is based on competition; the government is based on cooperation. B) The market is based on prices; the government is based on policies. C) The market is based on individualism; the government is based on socialism. D) In all of the above ways. E) In none of the above ways.