Refer to the table above. If Jack has an annual income of $50,000 and Jill earns $77,500, which of the following is true?
A) Jack and Jill pay an equal amount of tax.
B) The average rates of tax paid by Jack and Jill are equal.
C) The marginal tax rate for Jack is higher than the marginal tax rate for Jill.
D) Jack and Jill fall in the same tax bracket.
D
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The cost data in the above table data show that production is characterized by
A) economies of scale. B) constant returns to scale. C) decreasing returns to scale. D) More information is needed to answer the question.
Disagreements about whether the U.S. government should regulate international trade
A) date back to the beginning of the country. B) began during the Great Depression. C) did not occur until the end of the Mexican War in 1848. D) began after World War I when government officials no longer believed in isolationism.
A perfectly competitive apple farm produces 1,000 bushels of apples at a total cost of $36,000. The price of each bushel is $50. Calculate the firm's short-run profit or loss
A) profit of $50,000 B) loss of $14,000 C) profit of $14,000 D) There is insufficient information to answer the question.
Saying the consumer is rational means
A) the consumer is a stand-in for all consumers. B) the consumer is getting rationed. C) the consumer makes reasonable choices. D) the consumer makes the best choices.