The administrative, enforcement, and compliance costs of collecting taxes in the United States sum to
a. between 1 and 2 percent of the revenues collected.
b. between 5 and 6 percent of the revenues collected.
c. between 12 and 15 percent of the revenues collected.
d. more than half of the revenues collected.
C
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Not including transactions from the underground economy will tend to ________ GDP, and not including environmental changes caused by pollution will tend to ________ GDP
A) undervalue; undervalue B) overvalue; overvalue C) overvalue; undervalue D) undervalue; overvalue
Consumer surplus is the value of a good minus the cost of producing it, summed over the quantity bought
Indicate whether the statement is true or false
The United States imposes a quota on sugar imports
a. because sugar is considered unhealthy b. because sugar cannot be produced in the U.S. c. to avoid having to pay billions of dollars annually to support domestic sugar prices d. to avoid having to pay billions of dollars annually to support foreign sugar prices e. because a tariff would not be efficient
Answer the following statements true (T) or false (F)
1. Commissions or royalties may be an inexpensive way of reducing shirking on a job when the costs of monitoring work performance are high. 2. Firms that pay efficiency wages tend to have higher worker turnover. 3. The marginal productivity theory of resource demand suggests that those resources whose productivity levels are high will end up getting a higher share of the economy's income. 4. Income from inherited wealth and property resources provides strong support for the marginal productivity theory of income distribution.