Refer to the information provided in Table 33.2 below to answer the question(s) that follow.
Table 33.2
Refer to Table 33.2. In Thailand, the opportunity cost of
A. a motorcycle is 1/30 of a tractor.
B. a motorcycle is 1/15 of a tractor.
C. a motorcycle is 15 tractors.
D. a tractor is 20 motorcycles.
Answer: B
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Consider an individual who earns $95,000, has two children, pays $6,000 in child care expenses for one child, pays $19,000 in college tuition for the other child, pays $6,500 in mortgage interest (mortgage interest is tax deductible), and pays $9,600 in medical expenses. Medical expenses in excess of 7.5 percent of one's income are deductible. Personal exemptions are $3,050 per person (including the tax filer). When the individual's income is $30,000 or above, he/she gets a 12% child care credit. A college credit of 9% of tuition costs is given to those that have income less than $90,000. Her statutory marginal tax rate is 15 percent. What is her actual or effective marginal tax rate?
What will be an ideal response?
In the short run, monopolistically competitive firms will maximize profits by:
A. playing strategic games like oligopolists. B. acting like monopolists. C. acting like perfectly competitive firms. D. None of these statements is true.
Rent seeking reduces our economy's overall efficiency by
a. getting government to adopt legislation that actually reduces production b. disseminating market information c. lowering taxes d. getting voters more interested in politics e. reducing equity
The total earnings arising from the production of the GDP is known as
a. real GDP. b. national income. c. personal income. d. discretionary income.