The rich pay a _____ proportion of their income and a _____ dollar amount of federal income tax than the middle class.
A. higher; higher
B. lower; lower
C. higher; lower
A. higher; higher
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Refer to Figure 18.3. After trade and specialization begin, the maximum amount of pogo sticks that Livonia can consume is
A) 120. B) 100. C) 80. D) 40.
The Phillips curve illustrates the relationship between:
a. change in the money supply and change in unemployment. b. tax rates and tax revenues. c. the equilibrium level of income and the employment rate. d. inflation and unemployment.
Dynaflex Corp. is considering an investment project that costs $900 today. It expects the project will yield income of $350 at the end of years 1, 2, and 3. If the interest rate is 10%, the firm
A. is just indifferent between undertaking the investment and not. B. should forgo the investment. C. should undertake the investment. D. indeterminate from the given information
To an economist, "value" is the same as
A) marginal cost. B) consumer surplus. C) the minimum price that people are willing to pay for another unit of the good. D) marginal benefit. E) total surplus.