Which of the following is an example of a progressive tax?
A. A local sales tax.
B. An excise tax.
C. The federal income tax.
D. Social Security payroll tax.
Answer: C
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Look at the production schedule below:
Workers 0 1 2 3 4 5 Output 0 45 80 100 130 165 Which property of a standard production function does it violate? A) constant returns to scale B) decreasing marginal product of capital C) decreasing marginal product of labor D) production increasing in labor
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. For all cars offered for sale to be sold, the percent of all cars that are lemons is ?
What happens to ? if car buyers incur a $100 transaction cost when buying a used car?
Any business wanting to attract financial capital must expect to
A) earn a positive economic profit. B) keep implicit costs as close to zero as possible. C) pay a normal rate of return. D) pay a below normal rate of return in order to make a positive rate of return itself.
The difference between the actual price that a producer receives and the minimum acceptable price the producer is willing to accept is called the producer
A. costs. B. revenues. C. utility. D. surplus.