The largest source of federal government revenue is
a. corporate income taxes
b. individual income taxes
c. payroll taxes
d. sales and excise taxes
e. tariffs on imported goods and other customs fees and duties
B
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Suppose that the price of cornflakes is $3 per box and the price of oatmeal is $4.50 per box. Both boxes contain the same number of ounces of cereal. The relative price of cornflakes in terms of oatmeal is
A) 0.67. B) 1.0. C) 0.75. D) 1.50.
If the cost of acquiring more information outweighs the benefit of having more information about a good, then we can predict:
A. the exchange will definitely not take place. B. the exchange may take place anyway. C. the exchange will not benefit anyone. D. the exchange will take place, but will be regretted in the future.
Suppose investors become more optimistic that the economy will be doing well over the next decade. How will the market for loanable funds as depicted in the accompanying graph be affected?
A. Supply will shift to the right from S1 to S2.
B. Supply will shift to the left from S2 to S1.
C. Demand will shift to the right from D1 to D2.
D. Demand will shift to the left from D2 to D1.
A steel mill raises the price of steel by 20%, which results in a 7% reduction in the quantity of steel demanded. The demand curve facing this firm is: a. elastic
b. inelastic. c. unit elastic. d. unit inelastic.