What incentive is created by a first-come first-serve allocation scheme?
A) To engage in rent-seeking.
B) To have the most income.
C) To be first.
D) To be elected.
C
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The average tax rate faced by an individual is the ________
A) total tax paid by her divided by the total income earned B) total revenue received by the government divided by the number of taxpayers C) percentage of the last dollar earned that a household pays as a tax D) difference between the highest tax rate and the lowest tax rate
A positive statement is prescriptive—it prescribes what should be done
a. True b. False Indicate whether the statement is true or false
Government policies regarding taxes and expenditures are called
A. fiscal policy. B. income policies. C. monetary policy. D. supply-side policy.
A U.S. tariff on steel would increase the domestic quantity of steel supplied.
Answer the following statement true (T) or false (F)