Which of the following would cause an increase in quantity of wheat supplied?
A. The price farmers receive for their wheat rises
B. The price firms pay for liability insurance falls
C. New, better technology for farming is introduced
D. The price of fertilizer farmers use in their fields falls
Answer: A
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Many people have argued that an income tax should be "marriage neutral," that is, two people should pay the same total tax whether they are married or they are single
Suppose Amanda earns nothing, Ben earns $60,000, and Cathy and Dylan each earn $30,000 . They are all single. a. Amanda pays no tax because she has no income. If they live in a country that has a progressive income tax, which will be higher: the tax that Ben pays or the sum of the taxes Cathy and Dylan pay? b. Amanda marries Ben and Cathy marries Dylan. This country taxes married couples based on a family's total income. Show that the newlyweds Amanda and Ben will pay the same tax as Cathy and Dylan's family. c. Is the income tax in this country marriage neutral?
Externalities are costs to society, which have an impact on parties not directly involved into a particular economic transaction.
Answer the following statement true (T) or false (F)
An outward shift in the entire production possibilities frontier
A. represents economic decline. B. means that previous levels of production are now unobtainable. C. means that the only way the economy can increase the production of one good is by producing less of an alternative good. D. represents economic growth.
The cash that a bank keeps in its vault is called its:
A. savings. B. loans. C. deposits. D. reserves.