The U.S. spends more on education, and achieves far worse results. The underling cause of this disparity may have to do with:
a. the cost per student spent
b. the high degree of inequality in the U.S
c. the difference in property tax rates
d. both the high degree of inequality in the U.S. and the difference in property tax rates
d
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Refer to Figure 4-20. The figure above represents demand and supply in the market for gasoline. Use the diagram to answer the following questions
a. How much is the government tax on each gallon of gasoline? b. What portion of the per-unit tax is paid by consumers? c. What portion of the per-unit tax is paid by producers? d. What is the quantity sold after the imposition of the tax? e. What is the after-tax revenue per gallon received by producers? f. What is the total tax revenue collected by the government? g. What is the value of the excess burden of the tax? h. Is this gasoline tax efficient?
A society will be at a point inside its production possibilities curve whenever
a. all resources are fully employed. b. income is equally distributed. c. some resources are unemployed. d. resources are scarce.
According to the equation of exchange, if M = 200, P = 100, and Q = 10, the V is:
a. 20. b. 2. c. 10. d. 5. e. 2,000.
Suppose that a firm in an industry subject to diminishing returns to scale is initially in long run equilibrium. Which of the following will not be part of the industry adjustment process to a permanent increase in demand? a. Some firms will temporarily make economic profits
b. Some new firms will enter. c. The long run equilibrium price will be higher than the initial equilibrium price. d. All of the above will be consequences.