The share of the personal income tax paid by the bottom half of earners
a. rose to an all-time high in 2010.
b. was substantially higher in 2010 than during the 1960s and 1970s.
c. was substantially lower in 2010 than during the 1960s and 1970s.
d. has been relatively constant during the last four decades.
C
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All of the following are reasons a government might choose to protect monopoly rights in an industry except:
A. because it is in the public's interest to do so. B. to benefit insiders. C. to encourage innovation. D. to increase consumer surplus beyond what is achieved through competition.
The law of demand says that
a. the customer is always right b. quantity supplied equals quantity demanded c. price and quantity supplied are inversely related d. price and quantity demanded are inversely related e. income and quantity demanded are directly related
Which of the following would result from a technological advance in a perfectly competitive market?
a. The market demand curve will shift rightward. b. Consumers will benefit as the price declines. c. Producers will benefit as long-run profits rise. d. The market supply curve will shift leftward. e. In a constant-cost industry, the price will not change in the long run.
When the price level falls, people want to
a. hold more money and the quantity of aggregate goods and services demanded increases. b. hold more money and the quantity of aggregate goods and services demanded decreases. c. hold less money and the quantity of aggregate goods and services demanded increases. d. hold less money and the quantity of aggregate goods and services demanded decreases.