The Budget Act of 1990
A. did not change the top marginal tax rate.
B. lowered the top marginal tax rate.
C. raised the top marginal tax rate.
C. raised the top marginal tax rate.
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Why are individual buyers and sellers in perfect competition called price takers?
What will be an ideal response?
A minimum wage law might increase wages without reducing employment if the hiring firm is
a. in perfect competition. b. a monopolist. c. a monopolistic competitor. d. a monopsonist.
Larger firms will often have lower minimum per-unit costs than smaller firms because
a. employee shirking is less of a problem. b. large-scale output allows greater specialization for both labor and machines in the production process. c. mass production techniques, with high setup and development costs, are appropriate only when a small output is planned. d. all of the above are correct.
The prisoners’ dilemma describes a single-play game that features
A) an outcome in which the participants collude. B) a large number of rivals cooperating with each other. C) a situation in which one player has better odds than the other. D) two players who are unable to communicate with each other.