The U.S. income tax system is completely indexed for inflation
a. True
b. False
Indicate whether the statement is true or false
False
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If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:
A. $50,000. B. $30,000. C. $15,000. D. $60,000.
In the above figure, the marginal cost curve is curve
A) A. B) B. C) C. D) D.
Many economists consider medical care a superior good. Which of the following statements is true regarding a superior good?
a. When the price of a superior good increases, consumers demand more of it. b. Superior goods are considered necessities. c. A superior good has an income elasticity of demand less than one. d. Consumers want more of a superior good regardless of its price. e. As consumer income increases, a larger percentage of that income is spent on superior goods
If the government taxes a coal company by an amount equal to the damages of each marginal ton of coal, then the coal company's marginal social cost curve is the same as the marginal ________ curve.
A. cost B. damage cost C. benefit D. private cost