Total taxes paid divided by total income is called the
a. lump-sum tax liability.
b. marginal tax rate.
c. average tax rate.
d. average consumption tax liability.
c
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The region of economies of scale is that in which:
a. short-run marginal cost is falling as output expands b. short-run average total cost is falling as output expands. c. long-run marginal cost is falling as output expands. d. long-run average total cost is falling as output expands.
Rent seeking involves
A. finding reasonable rent rates. B. price floors. C. price ceilings. D. citizen groups lobbying elected officials to manipulate government policy.
Consider the market for grapes. An increase in the wage paid to grape pickers will cause the:
A. demand curve for grapes to shift to the right, resulting in a higher equilibrium price for grapes and a reduction in the quantity consumed. B. demand curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and an increase in the quantity consumed. C. supply curve for grapes to shift to the right, resulting in a lower equilibrium price for grapes and an increase in the quantity consumed. D. supply curve for grapes to shift to the left, resulting in a higher equilibrium price for grapes and a decrease in the quantity consumed.
Assume that Abby, Ben, Clara, Joe, and Matt are the only citizens in a community. A proposed public good has a total cost of $1,000. All five citizens will share an equal portion of this cost in taxes. The benefit of the public good is $220 to Abby, $210 to Ben, $210 to Clara, $180 to Joe, and $120 to Matt. In a majority vote, this proposal will most likely be
What will be an ideal response?