If you pay $2,000 in taxes on an income of $20,000, and a tax of $2,700 on an income of $30,000, then over this range of income the tax is
A) regressive.
B) proportional.
C) progressive.
D) There is insufficient information to answer the question.
A
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A study of New York City (NYC) tax rates concluded that taxes on the nonmanufacturing sector should be higher since that sector has fewer alternatives. Manufacturers are more mobile and may move to avoid higher taxes. This means that
A. nonmanufacturing firms have a more elastic demand for the NYC locations. B. manufacturing firms have an inelastic demand for the NYC locations. C. nonmanufacturing firms have relatively inelastic demand for the NYC locations. D. nonmanufacturing demand for the NYC locations is perfectly elastic.
Give a scenario of a perfectly competitive firm finding the profit-maximizing level of output over a several-year period.
What will be an ideal response?
Which of the following statements is TRUE about the relationship among external, internal and social costs?
A) External cost is the difference between social and internal costs. B) Internal cost is the sum of social and external costs. C) Social cost is the difference between internal and external costs. D) none of the above
A firm will break even when
A) P = ATC. B) P > ATC. C) P < AVC. D) P = AVC.