Mary deposits funds into a CD at her bank. The CD has an annual interest of 4.0%. If Mary leaves the funds in the CD for two years she will have $540.80. Assuming no penalties for withdrawing the funds early, what amount would Mary have at the end of one year?
A. $520.00
B. $500.00
C. $521.60
D. $490.00
Answer: A
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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%.
Which of the following is a correct characterization of socialism?
A. Tradition answers the basic economic questions. B. Markets are used exclusively to answer the basic economic questions. C. Central planning is seldom used to answer the basic economic questions. D. Government ownership of many resources and centralized decision-making answers the basic economic questions.
When negative externalities exist in the production of a good, the marginal social cost of producing the good:
A. is less than the marginal cost borne by the firm. B. equals the marginal cost borne by the firm minus marginal cost borne by a third party that results from the production and consumption of the good. C. equals the marginal cost borne by the firm plus the marginal cost borne by third parties from the production and consumption of the good. D. is equal to the marginal benefit received by consumers if competitive markets exist and there is no government intervention.
Inequality in the distribution of income in the United States today arises primarily from
A) the collapse of the government's income support system. B) the highly unequal distribution of corporate wealth. C) the tax system. D) the weakness of labor unions. E) unequal abilities to supply valuable human services.