Which of the following is collected only by local and state governments?
A) Excise tax
B) Personal income tax
C) Toll taxes
D) Payroll tax
C
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The cost of group health insurance is lower than if an individual buys a policy on his own because
A) moral hazard costs of a group tend to move to a low average. B) insuring a group eliminates the problem of buyers having more information than the seller. C) it is easier for the company to deny claims from a large group. D) the problem of adverse selection is reduced.
The federal government's fiscal policy (taxing and spending policy) during the 1920s was one in which
(a) the federal budget was in surplus every year. (b) the federal budget exerted a mildly deflationary impact on the economy, tending to slow overall spending in the economy. (c) Parkinson's third law, "expenditures rise to meet income," seemed to hold for the federal government. (d) all of the above applied.
If the marginal physical product of more labor is twice as high as the marginal physical product of more machinery, a profit-maximizing firm will
a. reduce the labor used and increase the machinery used if labor costs half as much as machinery. b. reduce the labor used and increase the machinery used if labor and machinery cost the same amount. c. reduce the labor used and increase the machinery used only if labor costs more than twice as much as machinery. d. reduce the labor used and increase the machinery used only if labor costs exactly twice as much as machinery.
Which of these equations is correct?
A. APC - APS = 1 B. MPC + APS = 1 C. MPC + MPS = 1 D. 1 + MPC = MPS