Assume that the marginal tax rate is 10 percent for the first $10,000 of income, 20 percent for income between $10,000 and $40,000, and 30 percent for any income over $40,000. If Jerome has taxable income equal to $60,000 for the year, what is his tax bill?
A. $6,000.
B. $13,000.
C. $18,000.
D. $15,000.
Answer: B
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a. only when labor is held constant. b. only when labor is the only variable input. c. wether labor is held constant or not. d. never.
A monopolistically competitive firm cannot earn an economic profit in the long run
a. True b. False Indicate whether the statement is true or false
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a. (i) and (ii) only b. (ii) and (iii) only c. (i) and (iii) only d. (i), (ii), and (iii)
A basic problem with the infant-industry argument is that:
A. most industries need protection when they are mature, not when they are first established. B. the amount of the tariff is unlikely to have much impact on the success of an infant industry. C. political pressure will likely prevent the withdrawal of the tariff when the industry matures. D. domestic consumers will continue to buy the foreign products anyway, regardless of the tariff.