A comparative advantage in the production of coal is held by
A. Australia.
B. the United States.
C. both countries.
D. neither country.
B. the United States.
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Under a k-percent rule, if the economy goes into expansion, the Fed would
A) increase the quantity of money. B) raise the federal funds rate. C) lower tax rates to keep revenue constant. D) lower the federal funds rate. E) None of the above answers is correct.
A monopolist that operates along the elastic range of its demand will find that
A) its total revenue increases when price decreases. B) its total revenue decreases when price decreases. C) its marginal revenue is negative. D) it is more profitable to operate along the inelastic range of the demand curve.
The largest government-run health care system in the world, with 1.7 million employees, is the National Health Service (NHS) in the United Kingdom. The NHS receives its funding primarily from
A) tariffs. B) the World Health Organization. C) private businesses. D) income taxes.
Suppose Mr. Lee has total income of $120,000, has taxable income of $90,000, and pays $30,000 in taxes. Considering the information, what is Mr. Lee's nominal tax rate?
A. 75 percent. B. 33.33 percent. C. 25 percent. D. 10 percent.