The middle class in China:
A. outnumbers the entire population of the United States.
B. is about half the size of the population of the Germany.
C. is almost equal in size to the entire population of the California.
D. None of these is true.
Answer: A
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Which of the following is the best example of a good or service with an external benefit?
A) gasoline B) education C) garbage disposal D) fertilizers E) bread
The figure above shows a monopoly's total revenue and total cost curves. The monopoly's economic profit is positive if it produces between
A) 0 and 5 units. B) 0 and 15 units. C) 0 and 20 units. D) 5 and 20 units.
Which of the following are not subsets of the ability-to-pay principle?
a. horizontal equity b. vertical equity c. diagonal equity d. beneficial equity
The incentive to work is an ingredient of the negative income tax because:
a. if families do work, they will be eliminated from the program. b. if families don't work, they will be eliminated from the program. c. the more income earned in the workplace, the higher the family's after-tax income. d. the more income earned in the workplace, the higher the payment from the government. e. the amount earned in the workplace is not subject to income taxes.