Which of the following statements is true?
a. Sales, excise, and flat-rate taxes violate the ability-to-pay principle of taxation fairness because each results in a greater burden on the poor than the rich.
b. Government failure may occur if voters are rationally ignorant.
c. Government failure may occur because of special-interest group political pressure.
d. All of these.
d
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Once a division manager sees that production goal for a time period is likely to be met
a. he has an incentive to increase the pace of production b. he has an incentive to decrease the pace of production c. he does not have an incentive to change the pace of production d. he has an incentive to produce other products
A farm is able to produce 10,000 bushels of peanuts per season on 10 acres. Assume it adds one more acre and is able to produce 12,000 bushels per season. The marginal product of the additional acre of land for this farm is:
a. 10,000 bushels per acre per year. b. 1,200 bushels per acre per year. c. 2,000 bushels per acre per year. d. 12,000 bushels per acre per year.