A tax bracket is
A) the percent of taxable income paid in taxes at a specific income bracket.
B) the type of tax structure for which a range of taxes applies.
C) the income range within which a particular tax rate applies.
D) the range, from the high to the low tax rate, of a particular type of tax.
C
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If an import quota is imposed on imports of shrimp into the United States, U.S. consumer surplus from shrimp will ________ and U.S. total surplus from shrimp will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) increase; not change
How does the owner of a corporation relate to the business?
A) The owners of the business have no separate legal distinction from the business. B) The owners of the business have a separate legal distinction from the business. C) The personal assets are part of the corporation's assets. D) None of these describe the legal relationship of corporate owners to the business.
The ability to produce a good at a lower opportunity cost than someone else is called
A) competitive production. B) comparative advantage. C) selective advantage. D) absolute advantage.
The market demand curve for mousetraps is
A) found by summing the quantities of mousetraps demanded at each income level by each buyer. B) found by summing the prices of mousetraps at each quantity of mousetraps demanded by each buyer. C) the horizontal sum of the individual demand curves for mousetraps of all the buyers. D) Both answers B and C are correct. E) Both answers A and C are correct.