Joseph earns $75,000. If his average tax rate is 18%, what is the total amount of money that he pays as tax?
A) $1,500
B) $13,500
C) $2,700
D) $15,000
B
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From 1960 to 1980, federal government spending on national defense _____
a. declined from about half to less than one quarter of all expenditures b. declined from one-third to less than one quarter of all expenditures c. increased from about half to nearly 60 percent of all expenditures d. increased from about one quarter to nearly one-half of all expenditures
The contract curve in an Edgeworth Box diagram illustrates
A) the only efficient allocation of goods among individuals. B) all possible efficient allocations of goods among individuals. C) all equitable distributions of goods among individuals. D) the only equitable distribution of goods among individuals.
Which of the following is the closest example of structural unemployment?
a. An accountant quitting her job to become an investment banker b. An auto worker being fired for poor job performance c. Workers in a firm manufacturing films for roll film cameras losing jobs due to the popularity of digital cameras d. A consultant being laid off because poor economic conditions have depressed the market for consultants e. A college graduate seeking his/her first job in the IT industry
Which of the following expenditures would be counted as consumption in GDP accounts? a. Mary buys a new home computer to check her e-mail and play computer games. b. Mark buys a new computer for his medical economic consulting business
c. Leslie, an EPA scientist, buys a new computer for her lab at work. d. Juan leases a new computer for his graphic design company.