Compare and contrast the tax base with the tax rate structure
What will be an ideal response?
The base of a tax is the measure or value upon which the tax is levied. The rate structure of a tax determines the portion of the base that must be paid in tax.
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The table shows some data that describes Tom's T-Shirts' total product when Tom's has 1 sewing machine. When 4 workers are employed, ________
A) average product of labor is a maximum B) marginal product of labor is less than average product of labor C) marginal product of labor exceeds average product of labor D) marginal product of labor equals average product of labor
In what geographic areas would the traditional economy most likely be found?
a. parts of Asia, Africa, and South America b. Cuba and North Korea c. Europe and the United States d. China and Russia
If it costs $8 to produce a certain product and the product sells for $9, then
a. the markup is approximately 11.1 percent b. the market for this product must be monopolistic c. the markup is $1 d. firms in this industry should shut down to minimize their losses e. the revenue gained from the last unit produced is $1
Why is efficiency desirable?
A) It results in an equal distribution of income. B) It results in the highest prices for the goods and services produced. C) It makes best use of the available resources. D) It is the most politically popular solution.