The following data represent a personal income tax schedule. Answer the next question on the basis of this information.Taxable IncomeTotal Tax$15,000$1,50030,0003,50060,0009,000120,00025,000As income increases, the average tax rate
A. decreases.
B. increases.
C. remains constant.
D. has no definite pattern.
Answer: B
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Draw a graph showing the concept of functional distribution.
What will be an ideal response?
Stagflation occurs when aggregate supply and aggregate demand both increase
Indicate whether the statement is true or false
Contractionary monetary policy
A. tends to lead to a depreciation of a nation's currency. B. usually has no effect on a currency's exchange value. C. tends to lead to an appreciation of the currencies of other nations. D. tends to lead to an appreciation of a nation's currency.
Answer the following statements true (T) or false (F)
1) Refer to the diagram for a nondiscriminating monopolist. At output M total cost will be 0CHM.
2) Refer to the diagram for a nondiscriminating monopolist. From society's point of view it would be desirable to have the monopolist produce a larger output than M.
3) Refer to the diagram for a nondiscriminating monopolist. If the government regulates the monopolist so that it charges the "fair return" price, the monopolist will produce output N.
4) Refer to the diagram for a nondiscriminating monopolist. If the government regulates the monopolist so that it charges the socially optimal price, the monopolist w