If Bob earns $20,000 a year and pays $2,000 in taxes, and Cindy earns $40,000 a year and pays $4,000 in taxes, then Bob’s tax rate is _______ and Cindy’s tax rate is_____.
A. 5%, 10%
B. 2%, 4%
C. 10%, 10%
D. 20%, 10%
C. 10%, 10%
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Keeping in mind the Coase theorem, in the figure above if the pesticide factories own the lake, how much pesticide is produced?
A) 300 tons per month B) 240 tons per month C) 180 tons per month D) 360 tons per month
In Country Z, the government simultaneously decreases its expenditures by $20 billion and decreases taxes by $20 billion. If the MPS is equal to 0.2, the government's action ________ real GDP by ________
A) decreases; $100 billion B) decreases; $20 billion C) decreases; $80 billion D) has no effect on; $0
Taking a limousine to a five star restaurant in New York is a:
A. necessity to both Joe Average and Donald Trump. B. necessity to Donald Trump but a luxury to Joe Average. C. want to both Joe Average and Donald Trump. D. want to Donald Trump and a luxury to Joe Average.
Refer to the information provided in Table 8.4 below to answer the question(s) that follow. Table 8.4ProduceUsing TechniquesUnits of Variable KInputs L1 unit of outputA4 4?B2 6????2 units of outputA 7 6?B410????3 units of outputA 8 6?B 6 11Refer to Table 8.4. Assume that the relevant time period is the short run. Assuming the price of capital (K) is $10 per unit and the price of labor (L) is $5 per unit, this firm's total cost of producing one unit of output is
A. $50. B. $60. C. $110. D. indeterminate from this information.