What is the largest source of revenue in the government's budget?
A. indirect business taxes
B. corporate taxes
C. personal income taxes
D. social insurance
Answer: C
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Assume that the graphs show a competitive market for the product stated in the question below.
Select the graph above that best shows the change in the market following a tax placed on the suppliers in the market.
A. graph (1) B. graph (2) C. graph (3) D. graph (4)
With a given level of GDP, a decrease in the size of population would cause:
A) GDP per capita to decrease. B) life expectancy to decrease. C) GDP per capita to increase. D) life expectancy to increase.
What is likely to happen in a used-car market if the buyers feel that the best they can do is to buy a lemon?
A) The sellers of gems reap high profits. B) Higher gains from trade are realized. C) The entire market shuts down. D) The sellers of lemons earn high profits.
The marginal cost curve passes through the ________ points of the ________ cost curve and the ________ cost curve
A) minimum; average total; average variable B) minimum; average total; average fixed C) maximum; total cost; total variable D) minimum; average variable; average fixed