The federal income tax is progressive because the tax rates increase at higher income levels
a. True
b. False
Indicate whether the statement is true or false
True
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Other things equal, when the supply of workers is scarce, one would predict that market wages would be
a. relatively high. b. relatively low. c. determined solely by factors that affect demand. d. determined outside the domain of economic theory.
The use of money contributes to economic efficiency because:
A. governmental direction of the production and distribution of output can be avoided by using money. B. roundabout production could not occur without the availability of money. C. it is necessary for the creation of capital goods. D. it promotes specialization by overcoming the problems with barter.
How did Apple overcome consumers' diminishing marginal utility for iPads?
A. Apple lowered the price of iPads so that previous buyers would purchase another unit. B. Apple introduced new features to entice previous buyers to purchase new models. C. Apple ignored the problem and focused solely on attracting new buyers. D. Apple was unable to overcome the problem and has faced steadily declining sales.
How is accounting profit calculated?
What will be an ideal response?