The bulk of federal receipts come from
A) property taxes and personal income tax.
B) personal income tax and from payroll taxes.
C) corporate income taxes and personal income tax.
D) personal income tax and property taxes.
Ans: B) personal income tax and from payroll taxes.
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The Q-theory of investment was originally developed by
A) John Maynard Keynes. B) Dale Jorgenson. C) Paul Samuelson. D) James Tobin.
Which of the following statements is not correct?
a. The typical monopolistically competitive firm could reduce its average total cost if it produced more output. b. Monopolistically competitive firms advertise in order to increase the elasticity of the demand curve they face. c. Expensive advertising might help consumers if it is a signal that the product is good. d. Brand names acquired at great cost might help consumers by assuring quality.
The perfectly competitive firm maximizes profits when
A) it produces and sells the quantity at which the difference between marginal revenue and marginal cost is the greatest. B) it produces and sells the quantity at which marginal revenue and marginal cost are equal. C) it produces and sells the quantity at which the difference between average revenue and average cost is the greatest. D) it produces and sells the quantity at which the difference between price and average cost is the greatest.
A theory of regulatory behavior, which states that regulators must take into account the preferences of legislators, producers, and consumers, is the
A. general interests theory. B. public interest theory. C. share-the-gains, share-the-pains theory. D. capture theory.