Compared to a negative income tax, the federal personal income tax is thought of as a way to promote greater equality. Why?
What will be an ideal response?
The NIT is largely thought of as an antipoverty program, not as a tool for general income equalization. Because the federal personal income tax is progressive, it takes a larger share of income from the rich than from the poor. Thus, incomes after tax are distributed more equally than incomes before tax.
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GDP is based on the market value of goods and services produced in an economy and not on the value of only final goods and services
a. True b. False Indicate whether the statement is true or false
For a representative consumer, 8 tacos and 2 hamburgers generate the same utility as 4 tacos and 4 hamburgers. How many tacos must the consumer give up in order to get one more hamburger?
A) 4 B) 2 C) 6 D) None of the above
Based on the figure above, the firm's marginal product curve slopes upward at levels of output between ________ and the firm's average product curve slopes upward at levels of output between ________
A) 4.0 and 7.0; 4.0 and 7.0 B) 0 and 7.0; 4.0 and 7.0 C) 4.0 and 7.0; 0 and 4.0 D) 0 and 4.0; 0 and 7.0 E) More information is needed to answer the question.
What is meant by utility?
What will be an ideal response?