Trade-offs involve an exchange of one thing for another because resources are limited and can be used in different ways.
Answer the following statement true (T) or false (F)
True
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The following data represent a personal income tax schedule. Answer the next question on the basis of this information.Taxable IncomeTotal Tax$15,000$1,50030,0003,50060,0009,000120,00025,000The average tax rate at the $60,000 level of income is
A. 20.8%. B. 11.6%. C. 10.0%. D. 15.0%.
Technological change that makes it easier to produce in a "cleaner" fashion would cause
A) the marginal cost curve of pollution abatement to shift left, increasing the degree of air quality. B) the marginal cost curve of pollution abatement to shift right, increasing the degree of air quality. C) the marginal benefit curve of pollution abatement to shift right, increasing the degree of air quality. D) the marginal benefit curve of pollution abatement to shift left, increasing the degree of air quality.
In the United States, before OPEC increased the price of crude oil in 1973, there was
a. no price ceiling on gasoline. b. a nonbinding price ceiling on gasoline. c. a binding price ceiling on gasoline. d. a nonbinding price floor on gasoline.
The law of supply implies that
A. Supply curves are flat. B. A change in a determinant of demand shifts the supply curve. C. Supply curves are downward-sloping to the right. D. Supply curves are upward-sloping to the right.