A proportional tax:
A. takes the same percentage of taxes from income from all taxpayers.
B. requires those with low incomes to pay a smaller percentage of their income than high-income people.
C. is levied so that low-income taxpayers pay a greater proportion of their income toward taxes than high-income taxpayers.
D. taxes everyone the same amount, regardless of their income.
A. takes the same percentage of taxes from income from all taxpayers.
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A ticket to an Eric Clapton concert costs $45. If you have a ticket, you can “scalp” it (sell it illegally) for $75. To a ticket holder, the opportunity cost of actually attending the concert is
A. $45. B. $50. C. $75. D. $115.
The free-rider problem arises because pure public goods are nonexcludable
Indicate whether the statement is true or false
Frieda enjoys cooking and baking. Her utility function is U(C, B) = 6C + 3B, where C is the number of hours she spends cooking and B is the hours she spends baking. What is Frieda's MU of cooking?
A. 1/6 B. 2 C. 6 D. It cannot be determined from the given information.
Which of the following serves as the central bank for the United States?
A. the Federal Reserve System B. the Department of Treasury C. the Federal Deposit Insurance Corporation D. the Congress