Refer to the information provided in Table 19.8 below to answer the question(s) that follow.Table 19.8Total IncomeTotal Taxes$20,000 $2,000 40,000 4,800 60,000 9,000 80,000 16,000Related to the Economics in Practice on page 393: Refer to Table 19.8. At an income level of $80,000, the average tax rate is
A. 2%.
B. 5%.
C. 15%.
D. 20%.
Answer: D
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What is the difference between fiscal policy and monetary policy?
What will be an ideal response?
Allocative efficiency is achieved when
A) firms produce the goods and services that consumers value most. B) firms produce goods and services at the lowest cost. C) there are no shortages or surpluses in the market. D) goods and services are fairly distributed among consumers in an economy.
Refer to the table below. Suppose the columns in this table reflect demand and supply. At a price of $50:Price PerUnitColumn A UnitsPer YearColumn B UnitsPer Year$2010040$309550$408060$506570$605080
A. there will be an excess supply of 70 units. B. there will be an excess demand of 5 units. C. there will be an excess supply of 5 units. D. the market will be in equilibrium.
Suppose that today 1 British pound exchanges for $1.60. If next week 1 pound exchanges for $1.70, it is clear that
A. The dollar has appreciated relative to the pound. B. The pound has depreciated relative to the dollar. C. The dollar has depreciated relative to the pound. D. Both currencies have appreciated.