A tax system in which the tax rate on everyone's first $10,000 of income is 10 percent, the tax rate on everyone's second $10,000 of income is 15 percent, and the tax rate on all income over $20,000 is 25 percent is a(n):
A. proportional tax.
B. equitable tax.
C. progressive tax.
D. unit tax.
Answer: C
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In order to hire an additional worker, a monopsony must pay
A) a higher wage rate than it paid before. B) the same wage rate it paid before. C) a lower wage rate than it paid before. D) a wage rate that is sometimes higher, sometimes lower, and sometimes the same as before, depending on the elasticity of the supply of labor.
Refer to Figure 15-8. Use the figure above to answer the following questions
a. Identify the curves labeled A and B. Identify the curve which contains both point Y and point Z. Identify the curve which contains both point V and point W. b. What is the profit-maximizing quantity and what price will the monopolist charge? c. What area represents total revenue at the profit-maximizing output level? d. What area represents total cost at the profit-maximizing output level? e. What area represents profit? f. What is the profit per unit (average profit) at the profit-maximizing output level? g. If this industry was organized as a perfectly competitive industry, what would be the profit-maximizing price and quantity? h. What area represents the deadweight loss as a result of a monopoly?
Well-established property rights and a pro-business climate are a step in the right direction, but ultimately they do little to encourage economic growth.
Answer the following statement true (T) or false (F)
With a marginal propensity to save of .4, the marginal propensity to consume will be:
A. 1.0 minus .4. B. .4 minus 1.0. C. the reciprocal of the MPS. D. .4.