Refer to the information provided in Table 19.4 below to answer the question(s) that follow.Table 19.4Total IncomeTotal Taxes$10,000 $1,000 20,000 2,400 30,000 4,500 40,000 8,000Related to the Economics in Practice on page 393: Refer to Table 19.4. At an income level of $40,000, the average tax rate is
A. 2%.
B. 5%.
C. 15%.
D. 20%.
Answer: D
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Reserves that banks are required by law to keep on hand to back up their deposits are called
a. required reserves. b. borrowed reserves. c. actual reserves. d. excess reserves.
Labor cost on an average accounts for about ________ percent of the total cost of production
a. 10 b. 30 c. 50 d. 70
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
The number of firms in an oligopolistic industry
A. must be less than 20. B. must be large enough for firms to be independent. C. must be less than 10. D. must be small enough that firms are interdependent.