In a Small European Country,it Is Estimated That Changing the Level

question 8

Multiple Choice

In a small European country,it is estimated that changing the level of capital from $8 million to $10 million will increase real GDP from $2 million to $3 million.If the number of hours worked in the labor force does not change,what does this information tell you about the slope of the per-worker production function in this range?

• A)The slope is -2.
• B)The slope is 1/2.
• C)The slope is 2.
• D)The slope is 4.

Understand the distinctions between progressive, regressive, and proportional taxes.

Identify direct and indirect taxes and their examples.

Know the historical events that have shaped federal fiscal policy.

Describe unfunded mandates and their impact on state and local governments.

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