Statutory incidence of a tax deals with
A. the amount of revenue left over after taxes.
B. the amount of taxes paid after accounting for inflation.
C. the person(s) legally responsible for paying the tax.
D. the amount of tax revenue generated after a tax is imposed.
C. the person(s) legally responsible for paying the tax.
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The above table shows the total product schedule for the campus book store. When the book store is selling 60 books per hour it is certain that
A) marginal costs are increasing, but average variable costs are still decreasing. B) both marginal and average costs are decreasing. C) both marginal and average costs are increasing. D) hiring one more employee per hour will lead to fewer books being sold.
Economics can be viewed as a way to think about problems
Indicate whether the statement is true or false
Compute how much each of the following items is worth in terms of today's dollars using 177 as the price index for today
a. In 1926, the CPI was 17.7 and the price of a movie ticket was $0.25. b. In 1932, the CPI was 13.1 and a cook earned $15.00 a week. c. In 1943, the CPI was 17.4 and a gallon of gas cost $0.19.
One way to sidestep the debate over whether the government should increase spending during economic downturns is to:
A. cut government spending so the government has no ability to spend money. B. return to the gold standard so that the value of the U.S. dollar remains strong. C. identify projects that nearly everyone can agree the government should fund. D. raise taxes so that the government has the money it needs for additional spending.