Refer to the diagram, in which C 1 is the before-tax consumption schedule. The consumption schedule represented by C 4 reflects:
A. a progressive tax system.
B. a proportional tax system.
C. a regressive tax system.
D. a higher MPC than is embodied in C 1
A. a progressive tax system.
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Use the above figure. Total cost at the profit-maximizing output is closet to
A) $6,600. B) $9,600. C) $4,800. D) $8,000.
A country is likely to have a comparative advantage in a capital-intensive activity if it has a:
A. lot of land relative to its population. B. large amount of capital relative to its landmass. C. higher opportunity cost of producing technology. D. higher amount of labor relative to its population.
The tasks performed by the chef at your favorite restaurant could be categorized as
A. a service or intangible good. B. an economic good. C. a good. D. All of the above are correct.
In the market for a foreign currency, a "strengthening" of the dollar corresponds to a
A. smaller supply of the foreign currency. B. lower dollar price of foreign currency. C. larger demand for the foreign currency. D. higher dollar price of foreign currency.