The idea of horizontal equity in taxation implies that
a. equally situated individuals should be taxed equally.
b. unequally situated individuals should be taxed unequally.
c. benefits should be given first to those individuals who need them most.
d. the greatest tax burden should be borne by the wealthiest individuals.
a
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Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $17.50, what is the firm's economic profit?
A) zero B) $2.50 per hour C) $12.50 per hour D) -$10.00 per hour
If the price of labor is constant and a firm experiences diminishing marginal product, then its
A. average variable cost increases. B. fixed costs increase. C. marginal costs decrease. D. total costs decrease.
Suppose $100 is deposited in a bank account paying 5% compounded annually. If the interest earned is X after 5 years, then the interest earned will be 2X after 10 years
Indicate whether the statement is true or false
If real GDP increases by 6 percent and at the same time the population increases by 2 percent, then real GDP per person grows by
A) 3 percent. B) 6 percent. C) 8 percent. D) 4 percent. E) 2 percent.