Flat tax
A. is same tax rate to everyone.
B. is same tax rate to each component of income.
C. allows a tax base with no deductions with a few exemptions and expenses.
D. is same tax rate to everyone and to each component of income only.
E. all of these answer options are correct.
E. all of these answer options are correct.
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We cannot predict the effect on the market clearing price, but know that the equilibrium quantity will decrease when
A. supply and demand for a product simultaneously decrease. B. supply decreases and demand increases. C. supply increases and demand decreases D. supply and demand for a product simultaneously increase.
The largest single portion of the federal budget is devoted to
A. national defense. B. Medicare and Medicaid. C. Social Security and unemployment compensation. D. education. E. interest payments on the national debt.
Suppose that there are two goods, X and Y, that are competing for dominance in a market with network externalities. Furthermore, suppose that the market has chosen good X even though it is inferior to good Y and that the net benefits of switching from X to Y are $20 while the costs of switching are $30. If the market stays with good X, then __________________ has occurred. If the costs of switching were to fall to $15 and the market still stays with good X then ___________________________.
A. no market failure; market failure has occurred. B. market failure; no market failure has occurred. C. no market failure; there will still be no market failure. D. market failure; there will still be market failure.