The lowest marginal tax rate used in the United States is
A. 10 percent.
B. 28 percent.
C. 33 percent.
D. 39.6 percent.
A. 10 percent.
You might also like to view...
The above figure shows a labor market with a minimum wage of $8 an hour. How many people are employed when the minimum wage is in place?
A) 40,000 B) 60,000 C) 80,000 D) fewer than 40,000 E) more than 80,000
In market systems, the main way that valuable resources are transferred from households to firms is:
A) through direct barter exchange of labor for goods and services. B) through government sponsored distribution such as in providing public K-12 schooling. C) through markets based on money payments. D) a circular flow where the firms provide resources to households and the households reciprocate by providing finished goods and services to firms.
Figure 11.2Figure 11.2 shows demand and costs for a monopolistically competitive firm. In the long run we expect:
A. the firm to produce more output at a higher price. B. the firm to charge a price which is equal to its average cost of production. C. the firm to experience a decrease in the average cost of production. D. the firm to earn a greater profit.
The demand curve for a perfectly competitive firm is horizontal because
A. the firm profits from setting its price higher than the market price. B. its product is easy for consumers to differentiate from those of other firms. C. consumers are willing to pay any price to obtain its product. D. its production decisions cannot influence the market price.