Of the following sequences of price levels, which CORRECTLY represents a 5 percent inflation rate?
A) 100, 100, 100, 100
B) 100, 105, 105, 105
C) 100, 105, 110, 115
D) 100, 105, 110.25, 115.76
D
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If a flat tax plan allowed individuals to deduct a standard allowance of $15,000 and the flat tax rate was 10 percent, an individual earning $12,000 a year would not pay any income taxes
a. True b. False Indicate whether the statement is true or false
The law of increasing relative costs, depicted by the concavity of the production opportunities frontier, is most closely related to the
a. downward slope of the demand curve. b. upward slope of the demand curve. c. downward slope of the supply curve. d. upward slope of the supply curve.
Which of the following is considered a discouraged worker?
A. A professional football player who is forced to play a new position. B. A professional football coach coming off a 0 win season. C. A professional football player who gets cut after the preseason schedule has been completed. D. A retired professional football player who tried to make a comeback but found no one was willing to give him a tryout, so he no longer looks for a job.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.