The average tax rate is defined as
a. the average number of times a circulating dollar is taxed during a year.
b. the change in the tax rate as income increases.
c. the change in the tax rate as income decreases.
d. tax liability divided by taxable income.
D
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Consumers value the product-specific services for a new smartphone at $20 and the marginal cost to the retailers for providing the product-specific services is $20. If the retailers provide the product-specific services, which of the following is true?
A) The shift in the market demand will equal the shift in the market supply. B) The shift in the market demand will be exactly double the shift in the market supply. C) The shift in the market supply will exceed the shift in the market demand. D) The shift in the market demand will exceed the shift in the market supply.
An increase in economic rent is accompanied by an increase in the quantity supplied of a resource
a. True b. False Indicate whether the statement is true or false
A monopolistic competitor: a. faces a perfectly elastic demand curve. b. faces an elastic demand curve
c. faces a unit elastic demand curve. d. faces an inelastic demand curve.
Trade enhances the economic well-being of a nation in the sense that
a. both domestic producers and domestic consumers of a good become better off with trade, regardless of whether the nation imports or exports the good in question. b. the gains of domestic producers of a good exceed the losses of domestic consumers of a good, regardless of whether the nation imports or exports the good in question. c. trade results in an increase in total surplus. d. trade puts downward pressure on the prices of all goods.