Which of the following describes an economy?
a. The social arrangement that determines what is produced, how it is produced, and for whom it is produced
b. The process that describes the evolution of human society
c. The arrangement that determines who governs the people and how they govern the people
d. The system by which a state or community is controlled
a
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Suppose that your marginal federal income tax rate is 30%, the sum of your marginal state and local tax rates is 5%, and the yield on thirty-year U.S. Treasury bonds is 10%
You would be indifferent between buying a thirty-year Treasury bond and buying a thirty-year municipal bond issued within your state (ignoring differences in liquidity, risk, and costs of information) if the municipal bond has a yield of A) 6.5%. B) 7.0%. C) 9.5%. D) 10.0%.
Refer to Figure 3. For Ben, the opportunity cost of 1 pound of ice cream is
a. 1/14 pound of cones.
b. 1/2 pound of cones.
c. 2 pounds of cones.
d. 4 pound of cones.
A highly progressive tax takes relatively more from the rich than it does from the poor.
Answer the following statement true (T) or false (F)
Which of the following would NOT be considered a determinant of marginal productivity?
A. training B. talent C. gender D. experience