Refer to Table 20.1. George is a single taxpayer with an income of $65,000. What is George's average tax rate?
A) 19.00%
B) 22.68%
C) 23.61%
D) 27%
B
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According to the New Classical macroeconomic school,
A) active policy intervention is ineffective. B) active policy intervention is undesirable and perverse. C) active policy intervention's benefits exceed its costs. D) active policy intervention's benefits are less than its costs.
Assume that an economy has 50 workers, each of whom works 3000 hours per year. If labor productivity is $8, total output for this economy will be:
A. $150,000. B. $1,200,000. C. $750,000. D. $1,000,000.
Which of the following statements concerning the relationships between total product (TP), average product (AP), and marginal product (MP) is not correct?
A. TP reaches a maximum when the MP of the variable input becomes zero. B. AP continues to rise so long as TP is rising. C. AP reaches a maximum before TP reaches a maximum. D. MP cuts AP at the maximum AP.
To maximize utility, a consumer should allocate money income so that the:
A. elasticity of demand on all products purchased is the same. B. marginal utility obtained from the last dollar spent on each product is the same. C. total utility derived from each product consumed is the same. D. marginal utility of the last unit of each product consumed is the same.