Suppose a poverty program has a basic benefit of $8,000, and a family can earn up to $16,000 before losing all welfare benefits. The marginal tax rate is ________ percent.
A. 0.10
B. 0.2
C. 0.5
D. 2.0
Answer: C
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In the above figure, the competitive unregulated equilibrium is producing and consuming ________ vaccinations per year at a price of ________
A) 30 thousand; $40 B) 30 thousand; $30 C) 30 thousand; $20 D) 50 thousand; $30
Assume that the United States uses 20 worker-hours to produce 1 computer and 5 worker-hours to produce 1 unit of food; assume also that Japan uses 10 worker-hours to produce 1 computer and 30 worker-hours to produce 1 unit of food. Which of the following statements is true?
a. Japan has the comparative advantage in food production. b. The United States has the comparative advantage in food production. c. The United States has the absolute advantage in food production. d. The United States has a lower opportunity cost for making computers. e. Japan has a lower opportunity cost for making food.
Why does a monopolist face the market demand curve?
a. Presence of a large number of substitutes b. Presence of a large number of buyers in the market c. Barred entry of any new firm in the market d. Produces a homogeneous product e. Consumers have perfect knowledge of the market
According to the Keynesian view of aggregate supply, an increase in the money supply will:
A. Always cause inflation. B. Cause inflation if the economy is at full employment. C. Cause inflation only if aggregate supply is horizontal. D. Never cause inflation.