A tax system that applies a lower marginal tax rate at higher levels of income is
A. regressive.
B. flat.
C. progressive.
D. proportional.
Answer: A
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The table above gives the production and prices for a small nation that produces only bread and soda. The base year is 2009. What is nominal GDP in 2009?
A) $410 B) $450 C) $900 D) $550 E) $460
Keith just got an iPhone 5 for his birthday, and he quickly switches his data over and throws his iPhone 4 in a drawer and forgets about it. Economists would say this behavior is ___________ and would use the concept of ________________ to explain this choice.
A. rational; the implicit cost of ownership B. irrational; the implicit cost of ownership C. irrational; ignoring sunk costs D. rational; considering sunk costs
With a monopoly, the consumer’s surplus is lower than it would be with a perfectly competitive industry.
Answer the following statement true (T) or false (F)
Which of the following is not an explanation for the existence of unemployment in the long run?
a. it takes time for workers to search for the jobs that are best suited for them b. minimum-wage laws c. unions d. the business cycle