If a person is concerned that an additional $1,000 income will move him/her into a new tax bracket, that person is worried about the:
A. proportional rate.
B. regressive tax rate.
C. marginal tax rate.
D. flat tax rate.
Answer: C
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All of the following are characteristics of an oligopolistic market EXCEPT
A) firms must consider the actions of their rivals. B) cartels eventually form to keep prices high. C) firms have the ability to influence prices. D) firms earn lower profits than a monopoly.
Suppose that an economy produces civilian goods and military goods. If technological breakthroughs increase its ability to produce military goods, then
a. fewer military goods will be produced b. more civilian goods will be produced c. the opportunity cost of producing military goods will rise d. there will be productive inefficiency in the economy e. the production possibilities frontier will pivot outward around the axis for military goods
Which of the following is an example of a cartel?
a. AFL-CIO b. OPEC c. United Auto Workers Union d. NATO e. Organization of American States
In the Keynesian cross diagram, if the aggregate expenditure line intersects the 45-degree line at potential GDP, then the economy is in recession
a. True b. False Indicate whether the statement is true or false