Which statement is true?
A. Direct taxes cannot be regressive.
B. Progressive taxes are always direct.
C. The federal personal income tax is more progressive than the Social Security tax.
D. None of these statements are true.
C. The federal personal income tax is more progressive than the Social Security tax.
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Lisa decided to give up being on the soccer team for piano lessons. Her opportunity cost of pursuing piano lessons is
A) zero, as long as someone other than Lisa pays for the lessons. B) zero, as long as someone other than Lisa paid for her soccer fees and equipment. C) the satisfaction Lisa had enjoyed by being on the soccer team. D) the satisfaction Lisa enjoys by studying the piano. E) both A and B above.
In Sewei's lawnmowing business, in order to produce each mowed lawn, Sewei must hire exactly one unit of capital (a lawnmower) and exactly one unit of labor. Describe the elasticity of substitution between labor and capital
What will be an ideal response?
Which of the following is a key characteristic of economic freedom?
a. institutions and policies supportive of voluntary exchange b. freedom to compete c. protection of people and their property from aggressors d. all of the above
If an economy experiences constant opportunity costs with respect to two goods, then the production possibilities curve between the two goods will be?
A. A straight, downward-sloping line. B. Bowed outward or concave from below. C. Bowed inward or convex from below. D. Bowed outward until the two goods are equal, and then bowed inward.