The largest single source of revenue for the federal government is the
A. corporate income tax.
B. federal excise tax.
C. personal income tax.
D. Social Security tax.
Answer: C
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In the above figure, the efficient level of chemicals produced per week is
A) 0 tons. B) 4 tons. C) between 5 and 7 tons. D) 8 tons.
As defined by economists, interest is
a. only the amount earned by productive capital as a resource b. only the amount earned by land as a resource c. only the amount earned by lending money d. both the amount earned by productive capital as a resource and the amount earned by lending money e. both the amount earned by land as a resource and the amount earned by lending money
A market system is not considered an effective way of controlling self-interest
a. True b. False Indicate whether the statement is true or false
Suppose that with 1 unit of labor, Canada can produce 40 TVs or 20 computers. With 1 unit of labor, Taiwan can produce 30 TVs or 10 computers. Which of the following is correct?
a. Taiwan has a comparative advantage in the production of computers. b. Canada has an absolute advantage in the production of neither good. c. Canada has a comparative advantage in the production of computers. d. Taiwan has an absolute advantage in the production of computers. e. Taiwan has an absolute advantage in the production of TVs.