Payroll taxes levy taxes on ________
A) consumption
B) imports
C) wages
D) exports
C
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Marginal revenue is defined as
A. the change in total revenue from a unit change in price. B. the change in average revenue from a one-unit change in output. C. the change in total revenue from a one-unit change in output. D. the change total cost from a one-unit change in output.
When a positive externality exists, _______________________ and thus _______________ intervention may be needed to achieve efficiency
A) external costs are necessarily greater than private costs; government B) social costs equal private costs; no government C) social costs are less than private costs; government D) social costs are greater than private costs; government E) none of the above
A firm that responds to a regulatory rule in a way that permits technical compliance while allowing the firm to violate the spirit of the regulation has.
A. reduced the scope of the lemons problem. B. engaged in a creative response to regulation. C. shared the gains and pains of regulation. D. become a captured regulator.
If the market price is above a firm's average cost at the quantity produced
A) the firm operates and makes a profit. B) the firm operates and make zero economic profit. C) the market price of the firm's inputs will rise. D) total profit is maximized.