Which statement is true?
A. College graduates earn much more than high school graduates mainly because of what they learn in college.
B. The bulk of all property income goes to the middle class.
C. Most government transfer payments go to the poor.
D. The bulk of all property income goes to the rich.
D. The bulk of all property income goes to the rich.
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Refer to Table 22-2. Calculate the GDP per capita for each country in the table. Which country has the highest standard of living? Why?
What will be an ideal response?
When a single tax is imposed, the excess burden is proportional to the compensated elasticity of demand and to the square of the tax rate.
A. True B. False C. Uncertain
An example of a unilateral transfer is
A) a gift to a relative who lives abroad. B) a check received in payment for an import. C) gold payments to foreign companies. D) SDR payments to world creditors.
In a perfectly competitive labor market, the labor supply curve facing the firm will be
A) upward sloping. B) downward sloping. C) horizontal. D) vertical.