In the food and kindred products industry, it is estimated that the elasticity of output with respect to labor is 0.43 and the elasticity of output with respect to capital is 0.48
These two measures indicate that the primary metals industry is characterized by A) decreasing returns to scale.
B) constant returns to scale.
C) increasing returns to scale.
D) no returns to scale.
A
Economics
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The average tax rate faced by an individual is the ________
A) total tax paid by her divided by the total income earned B) total revenue received by the government divided by the number of taxpayers C) percentage of the last dollar earned that a household pays as a tax D) difference between the highest tax rate and the lowest tax rate
Economics
If one US dollar costs 0.8 Euros, then 1 Euro must cost how many US dollars?
a. 0.5 b. 0.8 c. 1.0 d. 1.25 e. 1.5
Economics