Compared to a negative income tax, the federal personal income tax is thought of as a way to promote greater equality. Why?
The NIT is largely thought of as an antipoverty program, not as a tool for general income equalization. Because the federal personal income tax is progressive, it takes a larger share of income from the rich than from the poor. Thus, incomes after tax are distributed more equally than incomes before tax.
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A determinant of the price elasticity of demand is
A) whether the good is a durable or a nondurable. B) the availability of resources used in the production of the product. C) how well consumers like the good. D) the proportion of the consumer's total budget spent on the good.
The sale of western land after 1790 was steady and strong
Indicate whether the statement is true or false
If labor is the only variable input, an additional worker increases output from 72 to 78 units, and the product price is $6, the marginal revenue product from an additional worker: a. is $6
b. is $36. c. is $78. d. is $432.
Define the following terms and explain their importance to the study of economics
a. pure monopoly b. barriers to entry c. patent d. natural monopoly e. sunk costs