Which of the following is a public good?
a. An economics lecture.
b. A television set.
c. Higher education.
d. Housing.
e. Clean air
e
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Which of the following is true of the relationship between price and marginal cost under monopolistic competition?
a. P = MC at all levels of output b. P = MC only at the profit-maximizing quantity c. P > MC at the profit-maximizing quantity d. P < MC at the profit-maximizing quantity e. P < MC at the quantities below the profit-maximizing quantity
Which of the following would likely increase the money supply?
a. The purchase of government securities by one bank from another bank b. An increase in the required reserve ratio c. An increase in the reserves of a commercial bank d. An increase in the discount rate e. The sale of government securities by a bank to the Fed
Assume that the marginal tax rate is 10 percent for the first $10,000 of income, 20 percent for income between $10,000 and $40,000, and 30 percent for any income over $40,000. If Jerome has taxable income equal to $60,000 for the year, what is his tax bill?
A. $6,000. B. $13,000. C. $18,000. D. $15,000.
Which of the following is an example of the precautionary motive for saving?
A. Every month, Chris puts $400 into his saving account so that he can buy a new car in a few years. B. Pat puts $400 per month in his 401(k) retirement account. C. Gerry and Terry put $2,000,000 in a trust fund that will go to their children when the parents die. D. Jordan sets aside $200 per month in case she has to pay for a new roof for her house.