Which of the following is classified as a final good or service?
i. tires bought by GM to put on new Tahoes
ii. mustard bought by Subway to put on its sub sandwiches
iii. your purchase of online access to the Wall Street Journal
A) iii only B) i and ii C) i, ii and iii D) ii only E) ii and iii
A
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Suppose, on average, a family in Church Falls earning $60,000 per year paid 6 percent of its income in state taxes. A family earning $80,000 paid, on average, $4,760 in state income taxes
Are state taxes in Church Falls progressive or regressive? Be sure to explain the difference between a progressive tax and a regressive tax.
According to the text, those who hold stock in U.S. corporations
a. are only from the top 10 percent of the wealthiest individuals in the country b. cover a wide spectrum of American society c. are mainly over 65 years of age d. have very little education e. includes only 2 percent of the U.S. population
Economists refer to the inputs that firms use to produce goods and services as
a. derived factors. b. derived resources. c. factors of production. d. instruments of revenue.
Daniel owns a coffee kiosk. All of his employees work 8 hours per day. In 2011, he employed 6 people who produced a total of 912 cups of coffee each day. In 2012, he hired a seventh employee and production increased to 1008 cups of coffee each day. In Daniel's kiosk, productivity
a. increased by about 10.5 percent b. increased by 9.5 percent c. decreased by about 5.6 percent d. decreased by about 5.3 percent