If a poor family has three children in public school and a rich family has two children in private school, the ability-to-pay principle would suggest that
a. the poor family should pay more in taxes to pay for public education than the rich family.
b. the rich family should pay more in taxes to pay for public education than the poor family.
c. the benefits of private school exceed those of public school.
d. public schools should be financed by property taxes.
b
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“Moonshine” is illegally produced liquor and the production process adds sugar to accelerate corn fermentation. Ten pounds of sugar are necessary to make a gallon of moonshine. When the price of sugar tripled, the price of moonshine skyrocketed from $6 to $15 a gallon. Which graph in Figure 4-9 best illustrates this?
A. 1 B. 2 C. 3 D. 4
Because the price effect is smaller when there are _________ firms, each firm will increase its quantity by __________ before the price effect and quantity effect are equal.
A. more; more B. less; more C. similar; less D. more; less
If the total utility derived is 20 utils from two glasses of lemonade and 24 utils from three glasses of lemonade, the marginal utility of the third glass is _____
a. 4 utils b. 6 utils c. 20 utils d. 24 utils
The average annual growth rate of gross domestic product in the world as a whole during the quarter century following World War II was very close to
What will be an ideal response?