Which of the following is the largest source of revenue for the U.S. federal government?
A) sales taxes B) the individual income tax
C) social insurance taxes D) property taxes
B
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Suppose some people like national defense and others are offended by it -- i.e. some people derive positive marginal benefit and others derive negative marginal benefit. Efficiency then demands that national defense is produced until the sum of the positive marginal benefits is equal to the (absolute value) of the negative marginal benefits.
Answer the following statement true (T) or false (F)
Is it true that a country needs to have an absolute advantage in the production of a good in order to benefit from trade in that good? Explain
What will be an ideal response?
John Brown's utility of income function is U = log(I+1), where I represents income. From this information you can say that
A) John Brown is risk neutral. B) John Brown is risk loving. C) John Brown is risk averse. D) We need more information before we can determine John Brown's preference for risk.
Individuals play ____ in causing pollution
a. almost no role b. a large but decreasing role c. a major role d. a reconstructive role