Tax loopholes increase the progressivity of the federal income tax
a. True
b. False
Indicate whether the statement is true or false
False
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Featherbedding means that
A) company management receives a cut from the collected union wages. B) employers are force to hire apprentices. C) employers are forced to hire more workers than they want to. D) a union can join a sympathy strike.
Provide economic explanations of the following puzzling behaviors.
(i) Many risk-averse people choose to buy lottery tickets, even when the lottery does not offer fair odds. (ii) Many furniture stores, instead of simply lowering their prices, offer buyers 6 months interest-free with no money down and no monthly payment. (iii) Although they are not required to do so, plumbers, auto mechanics, and other repair services give customers a 30-day warranty on the parts and labor.
Is increased production of a good beneficial to society?
A. Yes, because scarcity is such an overriding concern. B. Yes, because more is always better. C. Maybe, it depends on what is foregone. D. No, because increased production does not increase utility.
Suppose everyone in a town votes that they prefer improved public transportation systems instead of public parks, then according to the criteria of ________, that preference should not change even if a third option, like a public zoo, is included.
A. Transitivity B. Unanimity C. Independence of irrelevant alternatives D. No dictator