According to the textbook (based upon 2011 data), if the bottom half of all U.S. income tax payers were allowed to stop paying the income tax entirely and the top 50% continued to pay as they do now, tax revenues to the government would drop by about
A) 2.9 percent.
B) 15.7 percent.
C) 23.9 percent.
D) 33.3 percent.
E) 50.8 percent
A
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The figure above shows a preference map for Sarah, who likes hamburgers and milk shakes
a) Which two combinations contain the same amount of hamburgers but different quantities of shakes? b) Which combination(s) does Sarah most prefer? Why? c) Which combination(s) does Sarah least prefer? Why? d) Between which combinations is Sarah indifferent? Why?
The U.S. economy favors greater government intervention in the market than socialist economy would favor.
Answer the following statement(s) true (T) or false (F)
If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must have decreased by 3%
a. True b. False Indicate whether the statement is true or false
Most economists believe that price indices:
A. overstate inflation and understate growth in nominal GDP. B. overstate inflation and understate growth in real GDP. C. understate inflation and understate growth in nominal GDP. D. understate inflation and understate growth in real GDP.