From the perspective of households the uses of income are
A) taxes, saving, consumption of domestically produced and imported goods.
B) taxes, investment, consumption of domestically produced and imported goods.
C) taxes, saving, consumption, exports, and imports.
D) None of the above.
A
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Joe earns $100,000 per year. He pays a tax rate of 28 percent on the first $60,000 of income and a tax rate of 15 percent on income above $60,000. This tax system is an example of a
A) regressive income tax. B) negative income tax. C) progressive income tax. D) proportional income tax.
The marginal cost curve shows the per-unit cost associated with various levels of output.
Answer the following statement true (T) or false (F)
If the marginal propensity to consume is equal to 0.8, the addition of $60 billion in aggregate expenditure will increase national income by
a. $48 billion b. $300 billion c. $60 billion d. $18.8 billion e. $108 billion
Suppose Frank is completely indifferent between drinking Coke and drinking Pepsi. Then Frank's indifference curves for Coke and Pepsi would be:
A. linear. B. L-shaped. C. convex. D. positively-sloped.