The largest source of federal revenue is the corporate income tax.
Answer the following statement true (T) or false (F)
False
The largest source of federal revenue is the individual income tax.
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The typical family on the Planet Econ consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk. In 2008, pizzas cost $10 each, jeans cost $40 per pair, and milk cost $3 per gallon. In 2009, the price of pizzas went down to $8 each, while the prices of jeans and milk remained the same. Between 2008 and 2009, a typical family's cost of living:
A. remained the same. B. increased by 4.5 percent. C. decreased by 4.5 percent. D. decreased by 20 percent.
Efficiency is defined as minimizing waste.
Answer the following statement true (T) or false (F)
The availability of substitutes makes the demand for a good less elastic
Indicate whether the statement is true or false
Which of the following is not a cost of specialized task assignment?
A. Functional myopia B. Reduced flexibility C. Comparative advantage of specialization D. Foregone complementarities across tasks