If the government increases funding to college work-study programs, which of the following would happen in the labor market?
a. Wages will increase and the labor force will increase.
b. The labor force will decrease but there will be an ambiguous change in the wage.
c. Wages will decrease and the labor force will increase.
d. The labor force will increase but there will be an ambiguous change in the wage.
e. Wages will increase and the labor force will decrease.
A
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If General Electric finds that when it doubles both its plant size and the amount of associated inputs, its output level does not double, then
a. the law of diminishing returns is in effect. b. long-run average costs must be decreasing. c. the firm is experiencing diseconomies of scale. d. the firm should increase production. e. the firm is experiencing constant returns to scale.
In 2018, the highest marginal tax rate was 37%. If Chesney is in the highest earnings bracket, what percent of her total income will she have to pay in taxes?
a. less than 37% b. exactly 37% c. more than 37% d. none of these