In a command system, the decision about what should be produced is made by
a. a central authority
b. the market
c. repeating what was done in the past
d. business firms
e. consumers
A
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GDP can be calculated by summing ________.
A. consumption, investment, government purchases, and net exports B. consumption, investment, government purchases, exports, and imports C. consumption, investment, wages, and rents D. consumption, investment, government purchases, and imports
Suppose the economy's production function is Y = AK0.3N0.7. When K = 1000, N = 50, and A = 15, what is Y?
A) 1842 B) 6106 C) 750,000 D) 123
A company currently sells 10,000 units at $9/unit and makes $20,000 accounting profit. Variable costs currently stand at $6 per unit. What are the company's fixed costs?
a. $5,000 b. $10,000 c. $15,000 d. The company has no fixed costs
Compute the tax rates for the three taxpayers shown in Table 33.1. Then use the table to answer the indicated question.TaxpayerIncome (Dollars)Taxable Income (Dollars)Taxes Paid (Dollars)Effective Tax Rate(Percent)Nominal Tax Rate(Percent)1$200,000$100,000$6,000________%________%2100,00080,0008,000________%________%360,00048,00012,000________%________%In Table 33.1, the effective tax rate for taxpayer 1 is
A. 8.0 percent. B. 50.0 percent. C. 6.0 percent. D. 3.0 percent.