In the United States, the highest quintile of income earners face an average federal tax rate of ________, and the lowest quintile of income earners face an average federal tax rate of ________
A) 20%; 20%
B) 68.8%; 0.4%
C) 24%; 1.5%
D) 29.4%; 11.5%
C
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A firm sells 300,000 units per week. It charges $ 35 per unit, the average variable costs are $40, and the average costs are $55 . In the long run, the firm should
a. Shut-down as the firm is making a loss of $15 million per week b. Shut-down as the firm cannot cover the variable costs c. Shut down because the price is lower than average cost d. None of the above
When the price level falls, the total quantities of goods and services demanded:
a. decreases. b. stays the same. c. increases. d. increases and then decreases. e. decreases and then increases.
The ratio of the percentage change in quantity demanded to the percentage change in price is known as the:
A. demand-side shift factor. B. income elasticity of demand. C. price elasticity of demand. D. cross elasticity of demand.
The unemployment rate equals the number of people:
A. unemployed. B. unemployed divided by the labor force. C. unemployed divided by the number employed. D. unemployed plus discouraged workers divided by the labor force.