A tax collected at each stage of the production process is called a(n) ________ tax
A) payroll
B) excise
C) value-added
D) wealth
C
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On the graph above, the wage level at point ________ might represent a binding minimum wage
A) 2 B) 4 C) 6 D) 5
If OPEC is an effective cartel,
a. price changes are dictated by changes in demand. b. output changes are dictated by changes in demand. c. members agree on output quotas. d. all of these.
Jeff holds $50,000 wealth which has a utility of 7.07 utils (assuming utility is the square root of wealth in thousand dollars). He considers investing this in a gamble which has a 0.6 probability of increasing his total wealth to $100,000 and 0.4 probability of decreasing it to $30,000 . What will be Jeff's expected utility from the gamble?
a. 15 utils b. 8.19 utils c. 3.2 utils d. 12.12 utils
Is the image of the typical American worker as a blue-collar worker true? Substantiate your answer with facts