The total amount of taxes paid divided by before-tax income is the
A. median taxpayer rate.
B. average tax rate.
C. rate of hysteresis.
D. marginal tax rate.
Answer: B
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Which of the following statements about the Keynesian model is correct?
a. The economy would achieve full employment if left free from destabilizing government policies. b. Active monetary is always effective while fiscal policies is rarely so. c. Both Keynesians and classicists reach the same policy conclusions, but for different reasons. d. The economy is inherently unstable because of the instability of aggregate demand, which is primarily due to unstable expectations. e. both b and d.
The theory of expected utility theory
A) predicts all actions involving uncertainty. B) predicts no actions involving uncertainty. C) predicts some, but not all, actions involving uncertainty. D) predicts only one in three actions involving uncertainty.
One reason the supply of carpenters is greater than the supply of physicians is because:
a. carpenters demand less income. b. physicians do not belong to a union. c. of differences in human capital. d. carpenters belong to unions.
If the price elasticity of demand is elastic, then:
a. Ed < 1. b. there are likely a large number of substitute products available. c. an increase in the price will increase total revenue. d. consumers are s not very responsive to a price increase.