Which of the following is a reason behind income being considered a tax base?
a. It is earned
b. It is subsidized.
c. It is taxed.
d. It is used to buy goods and services.
c
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Fill in the columns in the following table and use the values in the table to determine the profit-maximizing level of output
Quantity Total Revenue (TR) Total Cost (TC) Profit Marginal Revenue (MR) Marginal Cost (MC) 0 0 3 1 5 5 2 10 6 3 15 8 4 20 11 5 25 15 6 30 21 7 35 30 8 40 42 9 45 60 10 50 85
In relation to prices that would prevail in an uncontrolled market, prices charged by a black market are usually
a. lower, since it is hard for the sellers to locate buyers. b. lower, since it is hard for the buyers to locate sellers. c. higher, since black marketers expect compensation for the risk of being caught. d. higher, since most people enjoy goods more if they are illegal.
The best way for a government to stop the failure of one bank from turning into a bank panic is to:
A. declare a bank holiday until solvent banks can acquire adequate liquidity. B. limit the withdrawals of depositors. C. make sure solvent institutions can meet the withdrawal demands of depositors. D. provide zero-interest rate loans to all banks regardless of net worth.
If, in a competitive market, marginal benefit is less than marginal cost
A) the net benefit to consumers from participating in the market is less than the net benefit to producers. B) the government must force producers to raise prices in order to achieve economic efficiency. C) the output is greater than the equilibrium quantity. D) the output is less than the equilibrium quantity.