Which of the following is not true about the tax exemptions on interest from municipal bonds?
A. It is a tax loophole.
B. It reduces excess tax burden.
C. It helps the wealthy the most.
D. It makes the tax system less progressive.
Answer: B
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Which of the following would NOT be directly included in the U.S. GDP in 2010?
A) the purchase of a new home in Atlanta, Georgia in 2010 B) the market value of the jet fuel bought by Delta to use for its flights in 2010 C) the market value of restaurant meals sold in 2010 D) the value of the automobiles produced in 2010 at the Toyota plant located in Georgetown, Kentucky E) legal services provided to first time home buyers during 2010
All of the following are critical functions of the government in facilitating the operation of a market economy except
A) enforcing contracts. B) ensuring an equal distribution of income to all citizens. C) protecting private property. D) enforcing property rights.
Refer to Figure 15-19 to answer the following questions
a. What quantity will this monopoly produce and what price will it charge? b. Suppose the monopoly is regulated. If the regulatory agency wants to achieve economic efficiency, what price should it require the monopoly to charge? c. To achieve economic efficiency, what quantity will the regulated monopoly produce? d. Will the regulated monopoly make a profit if it charges the price that will achieve economic efficiency? e. Suppose the government decides to regulate the monopoly by imposing a price ceiling of $35. What quantity will the monopoly produce and what price will the monopoly charge? f. With the price ceiling of $35, what profit will the monopoly earn?
The forgone income that the owner of a business could have made by spending time working in another job is called:
A. total cost. B. explicit cost. C. opportunity cost. D. marginal cost.