Ms. Rockefeller has an income of $200 million. If her income is in the form of wages and salary, then most of her income is taxed at __________ percent.
A. 15
B. 27
C. 30
D. 35
D. 35
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Suppose there are two cities that have rent controlled apartments. In one city (Albany) all apartments are subject to rent control; in the other city (Halftrack) one-half of the apartments are rent controlled
Which of the following is most likely to be true? A) It will be impossible to rent an apartment in either city at any price. B) It will be difficult to find a rent-controlled apartment in Albany or Halftrack; rents for the Halftrack apartments not subject to controls will be higher than they would be without rent control. C) It will be easier to find an affordable apartment in Albany since rents will be low across the board. D) It will be easier to find an affordable apartment in Halftrack, either a rent-controlled apartment or another apartment, at a reasonable price.
Suppose a person calculates his permanent income by adaptive expectations. Last year's permanent income was 54,000, this year's actual income is 44,000, j = 0.20, and k = 0.82. What is his consumption expenditure this year?
A) 34,840 B) 43,472 C) 36,784 D) 42,640 E) 37,720
Behavioral economics is an approach to the study of consumer behavior
A) that emphasizes psychological limitations and complications that potentially interfere with rational decision making. B) that emphasizes the capabilities of individuals to succeed in attaining all their unlimited wants utilizing limited resources. C) that, in contrast to standard approaches in economics, utilizes the ceteris paribus assumption. D) that, in contrast to standard approaches in economics, relies on real-world data to evaluate the usefulness of economic models.
From 1970 to 1984, the productivity of the Lockeed Company increased as the company produced more airplanes. According to the text, Lockeed's experience can best be described as:
A. increasing returns to scale. B. technological change. C. learning-by-doing. D. increasing marginal returns.