A flat tax:
a. is designed so that everybody would pay the same number of dollars in taxes
b. is designed in such a way that as a person's income rises, the tax rate falls.
c. is designed so that everybody would be charged the same percentage of their income.
d. is designed to take a smaller percentage of higher incomes as compared to lower incomes.
c
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If Lisa spends her income on veggie burgers and pints of soy milk and the price of veggie burgers is three times the price of a pint of soy milk, then when Lisa maximizes her utility she will buy
A) three times as many pints of soy milk as veggie burgers. B) both goods until the marginal utility of veggie burgers is three times the marginal utility of soy milk. C) three times as many veggie burgers as pints of soy milk. D) both goods until the marginal utility of a pint of soy milk is three times the marginal utility of veggie burgers.
The table in the above figure shows the levels of output resulting from different levels of inputs. Returns to scale are greatest at which level of output?
A) 100-200 units B) 200-400 units C) 400-600 units D) There is insufficient information to answer the question.
The market system is also called the price system because
A) rising prices are the signal to producers to offer more of a particular good. B) people pay money in markets. C) everything has a price tag. D) inflation is a significant problem.
As a function of real GDP (real GDP being measured on the horizontal axis), autonomous investment is represented by a(n):
a. U-shaped curve. b. vertical line. c. positively sloped line. d. negatively sloped line. e. horizontal line.