The ________ is the percentage of a tax base that must be paid in taxes.
A. tax incidence
B. proportional tax
C. tax rate structure
D. tax base
Answer: C
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In 2016, Social Security and Medicare payments accounted for almost _____ of federal outlays
a. 7 percent b. 25 percent c. 15 percent d. 38 percent e. 52 percent
Have you used ketchup? Have you bought ketchup in a supermarket? Consider the characteristics of market structures and decide to which the ketchup industry belongs
a. oligopoly because it represents competition among the few b. monopolistic competition because the demand curves for each brand is horizontal c. perfect competition because the good is identical (ketchup is ketchup) d. monopoly because the firm demand curve is the industry demand curve e. monopoly because there are no good substitutes
Competition best describes a market failure that provides an economic rationale for government intervention in markets
Indicate whether the statement is true or false
Suppose that the total production of an economy consists of 10 oranges and 5 candy bars, each orange sells for $0.20, and each candy bar sells for $1.00. Which expression of the output of this economy is most consistent with the concept of GDP?
A. This economy produces food valued at $1.20. B. This economy produces $7.00 worth of food. C. This economy produces 15 food items. D. This economy produces two-thirds oranges and one-third candy bars.