Federal income taxes are
A) about 20 percent of incomes regardless of the size of the household income
B) paid almost exclusively by the top half of households
C) are primarily paid by the bottom 99 percent of households because of tax avoidance by the top 1%
D) are less important to federal revenue than are excise taxes
Answer: B) paid almost exclusively by the top half of households
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Which of the following was sanctioned by the Zimbabwe government in January 2009 as a substitute currency?
a. Japanese yen b. Chinese yuan c. Mexican peso d. U.S. dollars e. Argentine peso
Public goods differ from private goods in that:
A. they produce negative externalities. B. they are not scarce. C. their benefits cannot be denied to anyone. D. their consumption must be regulated by the government.
When economists say that the demand for a product has decreased, they mean that:
A. The demand curve has shifted to the right B. The product has become particularly scarce for some reason C. The product has become more expensive and thus consumers are buying less of it D. Consumers are now willing and able to buy less of this product at each possible price
When demand is elastic, a decrease in price will
A. decrease total revenue. B. not change total revenue. C. reduce quantity demanded. D. increase total revenue.