Refer to the information provided in Table 19.8 below to answer the question(s) that follow.Table 19.8Total IncomeTotal Taxes$20,000 $2,000 40,000 4,800 60,000 9,000 80,000 16,000Related to the Economics in Practice on page 393: Refer to Table 19.8. At an income level of $20,000, the average tax rate is
A. 1%.
B. 5%.
C. 10%.
D. 20%.
Answer: C
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With time, an appreciation in the value of the nation's currency in the foreign exchange market would cause
a. the nation's imports to increase and exports to decline. b. the nation's exports to increase and imports to decline. c. both imports and exports to decline. d. both imports and exports to rise.
Optimal market outcomes are the same as perfect market outcomes.
Answer the following statement true (T) or false (F)
Tariffs tend to increase the domestic price of the product.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. B. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. C. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.