Since 1929, total government taxes as a percentage of GDP:
a. climbed from 10 percent to about 30 percent.
b. remained close to 30 percent.
c. climbed from 30 percent to about 50 percent.
d. climbed from 15 percent to about 50 percent.
a
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Use the following graph of demand curves to answer the next question.
Which demand curve is relatively most elastic between P1 and P2?
A. D1 B. D2 C. D3 D. D4
If there is an increase in income, which of the following is true?
a. The demand for complementary goods decreases. b. The demand for substitute goods decreases. c. The demand for normal goods decreases. d. The demand for normal goods increases. e. The supply for all goods decreases.
Which of the following offers the best example of the special interest theory of regulation?
a. The deregulation of the trucking industry. b. Consumer groups lobbying the Federal Energy Regulatory Commission to create a competitive market for natural gas. c. A state public utility commission regulating a natural monopoly to best serve the public interest by maintaining low prices and sustaining the firm at zero economic profit. d. The Civil Aeronautics Board (CAB) protecting existing airlines from competition by rejecting every single application for new entry into interstate airline markets over the life of the CAB.
Suppose that you can schedule a worker for up to 4 hours per day. The total benefit and total cost functions are B(H) = 300H - 20H2 and C(H) = 500H + 60H2. The corresponding formulas for marginal benefit and marginal cost are MB(H) = 300 - 40H and MC(H) = 500 + 120H. For how many hours should you schedule the worker?
A. 1.25 hours B. 0.8 hours C. 4 hours D. 0 hours