In the United States, the marginal tax rate on individual federal income tax
a. decreases as income increases.
b. increases as income increases.
c. is constant at all income levels.
d. applies only to payroll taxes.
b
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A good for which demand decreases when income increases is known as a(n) ________ good
A) normal B) inferior C) substitute D) complementary
At the end of the 1980s, bank regulators ________ various standards by which bank performance is measured thereby ________ banks willingness to lend
A) lowered, increasing B) raised, increasing C) lowered, decreasing D) raised, decreasing
Network externalities refer to the situation where the usefulness of a product increases with the number of consumers who use it
Indicate whether the statement is true or false
People would not choose to specialize because:
A. it can lead to more consumption than being self-sufficient. B. it can lead to consumption beyond the production possibilities frontier. C. it allows people to acquire goods at a lower opportunity cost. D. production standards are harder to control if goods are imported from other countries.