Personal income is
A. the sum of all incomes received by households.
B. the income households have after paying federal taxes.
C. the sum of all incomes earned by sole proprietorships and partnerships.
D. the sum of all incomes received by households on welfare.
Answer: A
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If firms in monopolistic competition are earning economic profits, then
A) they can expect to earn the profits indefinitely. B) new rivals enter the industry, and the demand for any seller's good decreases. C) the market demand becomes more inelastic. D) the industry is in long-run equilibrium. E) new rivals enter the industry, and the demand for any seller's good increases.
If there is systematic discrimination against a group of workers, then the wage paid to those workers likely will be
a. lower due to a higher supply of workers in that group. b. lower due to a lower demand for workers in that group. c. higher due to a lower supply of workers in that group. d. higher due to a higher demand for workers in that group.
Senator Smith proposes that the income tax structure be revised to have two tax rates. The first, 16 percent, applies to persons whose income is between $0 and $40,000 a year. The second, 23 percent, applies to persons whose income is more than $40,000 a year. This is a
A) regressive income tax structure. B) proportional income tax structure. C) progressive income tax structure. D) cyclical income tax structure.
By itself, the marginal utility of a particular good:
A. provides important information about a consumer's preferences. B. tells us how much a consumer would pay for the good. C. tells us how much the consumer values the good. D. is completely meaningless.