Related to the Economics in Practice on page 155: You own a truck and use it to deliver merchandise to retailers and hire a driver to make such deliveries. The speed at which you instruct the driver to drive depends on
A. the price of gasoline only.
B. neither the driver's wage nor the price of gasoline.
C. the driver's wage only.
D. the driver's wage and the price of gasoline.
Answer: D
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If Kate pays an average tax rate of 12.5% and her total income is $34,000, she pays ________ as tax
A) $5,500 B) $17,000 C) $4,250 D) $3,200
The optimal searcher is likely to not even attempt to secure perfect information even if it is possible to achieve it
a. True b. False
If a company wants an employee to average about $14.00 per hour to produce 60 units per hour, in addition to a base salary of $7.00 per hour, what should be the incentive rate per hour?
A. $0.117 B. $8.54 C. $1.25 D. $0.333
Suppose there was a debate regarding how to spend $1 billion in newly found revenues in the budget. Suppose the most liberal Democrat suggests an increase to Food Stamp (SNAP) allotments. Suppose the most conservative Republican suggests an increase in defense spending. The Republican says that, on average, military spending does the most good, so more is better. The Democrat is arguing that the extra food purchased by the extra spending will increase well-being the most. What is going on here?
A. Only the Democrat is using marginal analysis. B. Both are employing marginal analysis, just from different perspectives. C. Neither are using marginal analysis. D. Only the Republican is using marginal analysis.