The largest single component of aggregate demand is ______.
a. investment spending
b. exports
c. disposable income
d. consumption
d. consumption
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In theory, a corrective tax _____ the _____ will create the optimal result
a. equal to; externality b. above; externality c. equal to; price d. above; price
Resource demand has grown over time:
A. because of population growth only. B. because of increased consumption per person only. C. because of both increased population and greater consumption per person. D. despite decreases in population and consumption per person.
When shopping for a ticket to see One Direction, her favorite band, in concert, Annie mistakenly purchased a non-refundable ticket to the off-off-off Broadway play "One Dissection," which she has no interest in seeing. Because the ticket cost her $100, Annie decides to think about it:
A. rationally and sits through the play she has the ticket for, which is as awful as she thought it might be. B. irrationally and skips the play and spends another $100 on the concert ticket. C. rationally and skips the play and spends another $100 on the concert ticket. D. None of these is a possible outcome.
The total amount of taxes paid divided by before-tax income is the
A) median taxpayer rate. B) rate of hysteresis. C) average tax rate. D) marginal tax rate.