The ________ is the percentage of a tax base that must be paid in taxes.
A. proportional tax
B. tax base
C. tax incidence
D. tax rate structure
Answer: D
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Suppose a farmer is a price taker for soybean sales with cost functions given by TC = .1q2 + 2q + 30 MC = .2q + 2 If P = 6 , the profit-maximizing level of output is
a. 10 b. 20 c. 40 d. 80
The level of detail in an economic model
a. is as close as possible to the level of detail in reality b. depends on the purpose of the model c. is as complex as possible d. is the same regardless of the purpose of the model e. is as complex as possible to accomplish its purpose
The civilian non-institutional population can be broken down into two groups:
A) employed persons and unemployed persons. B) persons working and persons not working. C) persons working in service jobs and persons working in manufacturing jobs. D) persons not in the labor force and persons in the labor force.
Inputs used by a business in the production process include
A. profit. B. cost. C. labor. D. revenue.