This year, Tyrone earned a total of $9,000 . As a result, he received $9,000 less in government transfers. Therefore, his implicit marginal tax rate is
a. zero.
b. 25 percent.
c. 50 percent.
d. 100 percent.
D
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The form of business organization with the most flexibility of management is the
a. sole proprietorship. b. partnership. c. corporation. d. cooperative.
Which of the following is the best example of specialization in the economic sense??
a. A factory produces goods using high-tech equipment. b. A factory focuses production on one type of good. c. A factory gives workers access to many types of training. d. A factory cross-trains workers to perform a range of tasks.
Consider a consumer who is searching for the lowest price for good X. The consumer knows that 75 percent of the time she will find a store charging $10 and 25 percent of the times she will find a store charging $7. The expected benefit from an additional search is:
A. $0. B. $2.25. C. $3. D. $0.75.
Because demand for air travel from people who are traveling on vacation is more ________, the airlines offer leisure travelers lower prices than business travelers.
A. large B. elastic C. inelastic D. small