Refer to the information provided in Table 19.7 below to answer the question(s) that follow.
Table 19.7
Refer to Table 19.7. The tax rate structure in this example is
A. proportional.
B. regressive.
C. progressive.
D. marginal.
Answer: C
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Miniville is an isolated town located on the southern shore of Lake Condescending, a very large lake. The western edge of Miniville is adjacent to impassable mountains and there are no towns or businesses for many miles to the east. The 300 residents of Miniville are evenly distributed along 3 miles of shoreline on the lake, east of the mountains. Lake Shore Drive, the only street in town, provides access to Miniville's homes and businesses. All residents live between the lake and the street; businesses locate on the other side of the street. Lake Shore Drive is 3 miles long, and the points labeled A, B, and C are 1, 2, and 3 miles from the western end of Lake Shore Drive, respectively. All residents of Miniville shop at the store located closest to their homes.
src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q364g1.jpg" alt="" style="vertical-align: 0.0px;" height="117" width="538" />If three stores were to open sequentially, you would expect that those stores would be located: A. in a cluster, nearest the mountains. B. at points A, B, and C. C. in a cluster, near the location chosen by the first store to locate. D. halfway between the mountains and A, halfway between A and B, and halfway between B and C.
If 10 workers can produce 1,500 units of output and 11 workers can produce 1,600 units of output, then the average product of 11 workers is
A) 1,600 units. B) 1,500 units. C) 145.5 units. D) 100 units. E) 136.4 units.
Suppose the equilibrium price of cotton is $100 per ton. A price support set at ________ than $100 per ton ________
A) less; increases producer surplus B) less; increases consumer surplus C) more; increases consumer surplus D) more; decreases marginal cost E) more; creates a surplus that the government must buy
If a consumer receives 22 units of marginal utility for consuming the first can of soda, 20 units from consuming the second, and 15 from the third, the total utility of consuming the three units is
A) 57 utility units. B) 35 utility units. C) 15 utility units. D) unknown as more information is needed to determine the answer.