Refer to Figure 3-1. An increase in taste or preference would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
C
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The marginal tax rate shows
A) the percentage of income which a typical family pays in tax. B) the average rate of taxation in the economy. C) the deductions which are permitted for child care and medical expenses. D) the extra tax due on an extra dollar of income.
To an economist, the question of whether the right type of criminals are in jail hinges on
A. the severity of the offenses the criminals committed to get them in jail. B. whether the jail cell would be better utilized housing someone more dangerous. C. whether criminals show remorse. D. the likelihood they will commit their particular crime ever again if released.
How much of each dollar spent by a consumer ultimately becomes income to someone else?
A) less than one dollar B) It depends on how much the cost there is in the distribution channel that delivers the good from the manufacturer to the consumer. C) It depends on how much labor was needed to produce the good that the consumer buys. D) one dollar
Which of the following statements is true?
a. The proper scope of antitrust laws is well defined and definite. b. Antitrust laws focus on granting certain firms the option to form a cartel. c. Policymakers have the difficult task of determining whether some firms' decisions have legitimate purposes even though they appear anti-competitive. d. There is always a need for policymakers to try to limit a firm's pricing power, regardless of whether the firm's market is competitive, a monopoly, or an oligopoly.