Which statement is true?
A. The federal, state, and local governments collect a combined total of over 40 percent of our GDP in the form of taxes.
B. A rich person has a much lower marginal tax rate on their personal income taxes today than she did in 1980.
C. The federal government spends more on foreign aid than it does on Medicare.
D. Most Americans pay more in federal personal income tax than they do in payroll tax.
B. A rich person has a much lower marginal tax rate on their personal income taxes today than she did in 1980.
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Isocost lines
A) represent the combinations of inputs that have the same marginal cost. B) represent the combinations of inputs that have the same total cost. C) are the inverse of the isoquant lines. D) represent supply and demand for inputs at a given cost.
Utility is defined as the:
a. sense of pleasure or satisfaction derived from consuming goods and services. b. cost of acquiring goods and services. c. profits consumers earn from consuming goods and services. d. monetary value to consumers of goods and services. e. desire to consume goods and services.
Which of the following is subtracted from gross national product to arrive at the net national product?
a. net income of foreigners b. depreciation c. indirect business taxes d. transfer payments
When negative externalities are present in a market,
a. producers will be affected but consumers will not. b. producers will supply too much of the product. c. demand will be too high. d. the market will still maximize total benefits.