By 2003, the average person in the West had about
a. 50% more income than the average person in the West in 1820.
b. twice as much income as the average person in the West in 1820.
c. ten times as much income as the average person in the West in 1820.
d. twenty times as much income as the average person in the West in 1820.
d. twenty times as much income as the average person in the West in 1820.
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Local governments wanting to keep their tax base from eroding away should choose _____
a. income taxes b. sales taxes c. property taxes d. excise taxes
Is a uniform per-unit tax on firms that cause an externality an optimal policy for correcting the externality? Explain
What will be an ideal response?
You are impressed with a $60,000 Porsche and decide to buy one yourself. You end up paying a 20 percent customs duty and 10 percent in sales tax. These taxes are
a. progressive and related to your income b. proportional and related to your income c. regressive and related to your income d. progressive and unrelated to your income e. regressive and unrelated to your income
In the description of labor costs associated with fishing, the textbook measures the cost of labor that corresponds with different quantities of fish. Which of the following statements is true?
a. Labor costs for fish production cannot be estimated. b. The cost of labor increases at an increasing rate at low levels of output. c. Labor costs increase at the same rate over all ranges of output. d. At higher levels of output, the cost of labor increases at an increasing rate. e. At higher levels of output, the cost of labor decreases at an increasing rate.