In the United States, the distribution of income after the income tax is ____ the distribution of income before the income tax.
A. slightly less equal than
B. about as equal as
C. slightly more equal than
D. a great deal more equal than
Answer: C
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Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $8. What will be the value of total revenue when quantity sold equals 3?
A) $24 B) $27 C) $3 D) $9
A foreign firm that is selling below cost and is accused of dumping often:
a. lowers its price further to increase the tariff imposed. b. moves its production to the importing nation to avoid the tariff completely. c. raises its export prices to reap the rents and avoid the antidumping tariff completely. d. calls for a ruling by the WTO.
A firm with market power will maximize profit by hiring the amount of an input at which the
A. last unit of the input hired adds the same amount to total output as to total cost. B. additional output from the last unit of the input hired exceeds the additional cost of the last unit by the largest amount. C. additional revenue from the last unit of the input hired exceeds the additional cost of the last unit by the largest amount. D. last unit of the input hired adds the same amount to total revenue as to total cost.
Recall the Application about the economics professor who caught three students cheating on their final exam to answer the following question(s).Recall the Application. After being caught cheating, the economics professor called each student into his office individually. One student remarked "This feels like you put me in a prisoners' dilemma game." If this cheating episode resulted in the same way as the prisoners' dilemma, then:
A. none of the students would confess to cheating. B. only one student would confess to cheating. C. two of the students would confess to cheating. D. all three students would confess to cheating.