The economic principle that producers are willing to produce more output when price is high is depicted by the:
A. downward slope of the supply curve.
B. extreme steepness of the supply curve.
C. interaction of the supply and demand curves.
D. upward slope of the supply curve.
Answer: D
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An examination of tax rates for federal income tax in the United States demonstrates that for most people, the marginal tax rate is ______.
a. lower than the average tax rate b. the same as the average tax rate c. higher than the average tax rate d. the inverse of the average tax rate
Which of the following is most likely to cause the aggregate supply curve to shift to the right?
A. A one-time tax rebate. B. A decrease in marginal tax rates. C. A decrease in international trade. D. An increase in the money supply.
Recall the Application about how to wash carbon out of the air to answer the following question(s).Recall the Application. What should change in the future in order for the carbon washing machines to be more widely used?
A. The technology must improve enough to drop the cost per ton of carbon washed. B. The government must disseminate the existence of the new technology. C. The carbon tax must decrease enough to make the carbon washing machines more practical. D. The atmosphere must become even more polluted before it makes the technology financially viable.
The federal budget deficit acts as an automatic stabilizer because
A) government tax revenues decrease during a recession. B) unemployment insurance payments decrease during a recession. C) food stamp payments increase during expansionary periods. D) Medicaid payments increase during expansionary periods.