Tax evasion is illegal, but tax avoidance is legal
a. True
b. False
Indicate whether the statement is true or false
True
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Mike owns a car worth $20,000, and that is his only wealth. There is a 10 percent chance that Mike will have an accident within a year. If he does have an accident, his car is worthless. What is Mike's expected wealth?
What will be an ideal response?
The price of a new textbook increases from $75 to $90 while the price of used copies of the textbook increases from $50 to $65. Other things equal, we would expect to observe
A) the quantity demanded of the used textbook to increase while the quantity demanded of the new textbook to fall. B) the quantity demanded of both to fall. C) the demand for the new textbook to increase while the demand for the used textbook to decrease. D) the quantity demanded of the used textbook to decrease and the quantity demanded of the new textbook to increase.
There are several factors that nearly everyone agrees have contributed to economic growth in some or all countries. They do not include which of the following?
a. Growth in the quantity and quality of labor resources used b. Increase in the use of inputs provided by the land c. Growth in physical capital inputs d. All of the above are included.
A consumer's weekly income is $300 and the consumer buys 5 bars of chocolate per week. When income increases to $330, the consumer buys 6 bars per week. The income elasticity of demand for chocolate by this consumer is about:
A. 0 B. 0.5 C. 1 D. 2