Suppose the government used the following formula to compute a family's tax liability: Taxes owed = 28% of income - $8,000 . How much would a family that earned $18,000 owe?
-$2,960
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Suppose Joe purchases 10 lottery tickets per month when his monthly income is $200. Joe receives a raise at work, giving him an extra $40 per month in take-home pay, and Joe now purchases 15 lottery tickets per month. What is Joe's income elasticity of demand for lottery tickets?
a. 2.5 b. 1. c. 0.4. d. 0.25.
In ____ 2-person, nonzero-sum games there is no communication between the participants and no way to enforce agreements
a. noncooperative b. cooperative c. a and b d. none of the above
?When one randomly samples from a population, the total sample variation in xj decreases without bound as the sample size increases.
Answer the following statement true (T) or false (F)
In 2020, tornadoes damaged parts of the U.S. Midwest, destroying homes, businesses, schools, and infrastructure. In strictly economic terminology, these tornadoes are said to have caused
A. scarcity, because the damages made food and shelter scarce. B. tradeoffs, because some areas of the country were damaged when others were not. C. shortages, because supplies were cut off and goods were destroyed. D. scarcity, because some goods were difficult to get.