In the United States, all families pay the same proportion of their income in taxes
a. True
b. False
Indicate whether the statement is true or false
False
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In the U.S. economy, the quantity of donuts produced each day is determined by the
A) U.S. Food and Drug Administration. B) U.S. Department of Health and Human Services. C) Donut Association of America. D) individual decisions of thousands of donut makers.
If information is asymmetric, explain why the hire contract is not efficient in production and a moral hazard exists, but the fixed fee to the principal contract is efficient and does not pose a moral hazard problem
What will be an ideal response?
Explain why a monopolist must lower its quantity relative to a competitive market to maximize its profits.
What will be an ideal response?
Suppose you purchased 500 shares of stock in 2013 for $15 a share, and the price now is $20 a share. If you sell the stock, then your capital gain is
A) $2500. B) $1000. C) $10000. D) indeterminate without knowing the inflation rate.