Given a tax on wages, the economic theory of labor markets would
A. predict people work less as a result of the tax.
B. predict people work more as a result of the tax.
C. be unable to predict whether people would work more or less as a result of the tax.
D. predict higher unemployment.
Answer: C
Economics
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Besides the fact that the elderly are often on fixed incomes can you think of another reason why most local taxing authorities grant homeowners aged 65 and older school tax exemptions?
What will be an ideal response?
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Cost efficiency refers to the
A. Amount of output associated with an additional dollar spent on input. B. MPP of labor divided by the product price. C. Effectiveness of labor in reducing production costs. D. Ability to produce at a level of output where the wage rate is equal to or less than the MRP.
Economics