Compared to the rest of the industrial world, the United States' tax revenues
a. as a percent of GDP is the lowest
b. as a percent of GDP ranks among the highest
c. as a percent of GDP ranks among the lowest
d. as a percent of GDP is the highest
e. is the lowest
C
You might also like to view...
A tax where wealthy people pay a larger percentage of their income than poor people is known as a(n):
a. excise tax. b. flat tax. c. proportional tax. d. progressive tax. e. regressive tax.
Which of the following best explains why the monopolist's marginal revenue is less than the sales price?
a. To sell more units, the monopolist must reduce price on all units sold. b. As the monopolist expands output, the average total cost will decline. c. The monopolist charges each consumer the highest possible price. d. When a firm has a monopoly, consumers have no choice other than to pay the price set by the monopolist.
The supply of a resource, such as oil, is likely to be
a. equally elastic in both the short and long run. b. more elastic in the long run than in the short run. c. more elastic in the short run than in the long run. d. determined by the demand for the resource.
Which of the following is not true about the demand for factors of production?
A. It is a function of diminishing marginal physical product. B. It depends on the firm's expected sales and output. C. It is derived from the demand for the goods and services the firm produces. D. It is a function of the elasticity of supply.