Refer to Table 20.1. The income tax paid by George, a single taxpayer with an income of $65,000, is
A) $11,100.
B) $14,745.
C) $15,345.
D) $17,550.
B
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How might a market research analyst use measures of elasticity—price, cross, and income—in her work? Explain.
What will be an ideal response?
Movements along the demand curve are called changes in
a. demand b. opportunity costs c. quantity demanded d. the substitution effect e. preferences
Equilibrium price is _____ and equilibrium quantity is ______ units.
A. $12; 20
B. $12; 30
C. $20; 20
D. $20; 30
One economic hypothesis states that people form expectations by combining the effects of past policy changes on important economic variables with their own judgment about the future effects of current and future policy changes, and then react accordingly. This is known as the
A. contrary opinion hypothesis. B. relevance hypothesis. C. rational expectations hypothesis. D. structural hypothesis.