Which of the following people believes in the ability-to-pay principle?
a. Janice says everyone should pay the same percentage of taxes regardless of what they do or earn.
b. Jeannie says that people who earn more money can afford to and should pay more taxes.
c. Jay says that people should pay taxes based on how many government services they actually use.
d. Jed says that poorer people should pay more taxes because wealthy people use their money to create jobs for the poor.
b. Jeannie says that people who earn more money can afford to and should pay more taxes.
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The table below shows the utility schedule for a consumer of candy bars. Candy Bars ConsumedTotal Utility001529312414515615713Based on the data in the above table you can conclude that the
A. marginal utility of the third unit is 4 utils. B. total utility of 2 units is 4 utils. C. marginal utility of the fourth unit is 14 utils. D. marginal utility of the sixth unit is 0 utils.
Adverse selection occurs when a sales offer attracts the kinds of customers that the seller does not want
Indicate whether the statement is true or false
It is likely that ______________ has an income elasticity less than 1, and _____________ have an income elasticity more than 1.
A. coffee; sailboats B. sailboats; cars C. vacations; cell phones D. filet mignon; chicken
Other things being equal, how would the market for bicycles be affected by an increase in the availability and number of bicycle paths?
a. An increase in prices and a decrease in the quantity exchanged b. An increase in prices and an increase in the quantity exchanged c. A decrease in prices and a decrease in the quantity exchanged d. A decrease in prices and an increase in the quantity exchanged