Use the above table and assume a fixed cost of $1000. At an output of 2, ATC is
A. $350.
B. $700.
C. $850.
D. $1,000.
C. $850.
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Define the following terms and explain their importance to the study of macroeconomics
a. central bank b. Federal Open Market Committee c. supply of money d. monetary policy
PriceQuantity Demanded$4300$3400$2500$1600Refer to the above data. What is the elasticity of demand between the prices of $4 and $3?
A. 0.2 B. 2 C. 0.5 D. 1
In 2011, the 20 percent of families with the lowest incomes paid an average federal tax rate (on all federal taxes) of about ________, whereas the 20 percent of families with the highest incomes paid an average tax rate of about ________.
A. 8.4 percent; 29 percent B. 10.3 percent; 30.9 percent C. 4.0 percent; 35 percent D. 1.9 percent; 23.4 percent
Under the current federal income tax laws, a person who has a high income is likely to
A. receive a substantial benefit from the earned income tax credit. B. spend a larger fraction of total income than a low-income taxpayer. C. pay a larger percentage of income in taxes than the average taxpayer. D. pay a smaller percentage of income in taxes than the average taxpayer.