When the economy has an income tax that is variable, the multiplier is
A. unchanged.
B. larger.
C. smaller.
D. unpredictable.
Answer: C
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If individuals are rational, they should choose actions that yield the:
A. largest total benefits. B. largest economic surplus. C. smallest total costs. D. smallest economic surplus.
When a business has implicit costs
A. economic profits are greater than accounting profits. B. economic profits are less than accounting profits. C. economic costs are the same as accounting costs. D. economic and accounting profits are the same.
Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000. What is her accounting profit?
A) $12,000 B) $56,000 C) $86,000 D) $98,000
Refer to the diagram. Equilibrium output is:
A. j.
B. h.
C. g.
D. f.