A consumer's budget constraint is:
A. a positively-sloped line.
B. a negatively-sloped line.
C. convex.
D. a vertical line at the level of the consumer's income.
B. a negatively-sloped line.
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One reason for the recent increases in health care costs is the aging of the American population.
A. True B. False C. Uncertain
Which of the following is a statement which describes how the world should be?
a. Positive statement b. Normative statement c. Cognitive statement d. Reflective statement
Most of the women with children on welfare are
A. "Welfare Queens". B. either working, looking for work, or being trained for work. C. having one baby after another. D. enjoying a fairly high standard of living.
Refer to Scenario 19.1 below to answer the question(s) that follow. SCENARIO 19.1: An individual earning $60,000 pays $12,000 in taxes. The marginal tax rate on any income earned above $60,000 is 25%. Refer to Scenario 19.1. When this person earns $70,000, her average tax rate is
A. 20.7%. B. 22.5%. C. 25%. D. indeterminate from this information.