Which is the most important source of tax revenue for local governments?
A. Property taxes
B. Corporate income taxes
C. Personal income taxes
D. Sales and excise taxes
Answer: A
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Suppose Bright Orange is large firm that grows and harvests oranges. Each orange yields 2 ounces of orange juice and exactly one orange peel. Bright Orange sells the orange juice to juice distributors and the orange peels to fragrance companies. The market demand for Bright Orange's oranges is equal to ________.
A) the demand for orange peels only B) the demand for orange juice plus the demand for orange peels C) the demand for orange juice only D) the difference between the demand for orange peels and orange juice
The additional revenue associated with hiring one additional unit of some factor input, such as labor, is called
A) marginal cost. B) marginal revenue product. C) marginal factor cost. D) marginal physical product.
Sugar and honey are viewed as substitutes for each other in many recipes. If the price of sugar rises, we would expect:
Microeconomics is concerned with the study of
A. the effects of government spending. B. aggregates. C. the effects of inflation. D. the effects on individual producers of higher wages paid to workers.