Refer to the information provided in Table 19.8 below to answer the question(s) that follow.Table 19.8Total IncomeTotal Taxes$20,000 $2,000 40,000 4,800 60,000 9,000 80,000 16,000Related to the Economics in Practice on page 393: Refer to Table 19.8. If income increases from $60,000 to $80,000, the marginal tax rate is
A. 5%.
B. 20%.
C. 35%.
D. indeterminate from this information.
Answer: C
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If the price of hairspray is represented by P in the equation P = 10 - 0.2 QD, then the corresponding quantity of hairspray demanded is represented by the demand equation
A) QD = 50 -5P. B) QD = -10 + 0.2P. C) QD = 0.5P + 2. D) QD = 5P - 2.
Changes in what sector best explain changes in union rates throughout American history?
a. Agricultural. b. Government. c. Manufacturing. d. Service.
Assume that the marginal propensity to consume equals 0.75 and the marginal propensity to import equals 0.10 . By how much does spending on domestic goods increase if income increases by $300?
a. $195 b. $225 c. $30 d. $300 e. $75
Compared to a perfectly competitive firm, a monopolist
a. is less likely to advertise. b. will, according to Schumpeter, invest fewer resources in research and development. c. usually produces an inefficiently small level of output. d. is less likely to face government regulation.