According to the benefits-received principle of taxation
A) people in the same economic situation should bear an equal share of the tax burden.
B) the benefits of government programs such as national defense are shared equally by all people; therefore, the burden of paying for these programs should be shared equally.
C) because high-income individuals receive the most benefits from government programs, they should pay more taxes than lower-income individuals.
D) individuals who receive the benefits from a government program should pay the taxes that support the program.
D
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At any level of output
A. average total cost will exceed average variable cost by the amount of the average fixed cost. B. marginal cost will exceed average variable cost by the amount of the average fixed cost. C. average variable cost will exceed average total cost in the short run. D. average variable cost will exceed average fixed cost by the amount of the average total cost.
Marshall owns and operates a construction firm. He uses inexpensive and low-grade building products and accepts inferior carpentry work from his subcontractors. Nevertheless, Marshall complies with all the city building codes as well as all state and federal laws. Has he fulfilled all of his ethical obligations
a. Yes, because legal standards are stricter than ethical standards. b. Yes, because ethical obligations require only legal behavior. c. No, because ethics is too hard to define. d. No, because legal compliance is regarded as the moral minimum.
If a nation has a comparative advantage in the production of X, this means the nation:
A. cannot benefit by producing and trading this product. B. must give up less of other goods than other nations in producing a unit of X. C. has a production possibilities curve identical to those of other nations. D. is not subject to increasing opportunity costs.
The above figure shows a firm in monopolistic competition. At the profit maximizing level of output, excess capacity for the firm is equal to
A) 0 units per day. B) 4 units per day. C) 8 units per day. D) 16 units per day.