Of the three primary tax sources of revenue for the U.S. federal government, which of the following has decreased the most as a percentage of GDP since 1962?
A) corporate income taxes
B) social insurance taxes
C) sales and excise taxes
D) individual income taxes
A
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Based on the table "Real and Nominal GDP," if year one is the base year, then the real GDP in year two, is ________
A) 5000 B) 5250 C) 5900 D) 6175 E) none of the above
In order to achieve a high economic freedom rating, a country must
a. elect political officials democratically. b. protect property rights, enforce contracts even-handedly, and rely extensively on markets to allocate goods and services. c. provide citizens with housing, health care, and other basic goods free of charge. d. use the taxing power of the state to redistribute income from the rich to the poor and thereby promote income equality.
If a firm's total economic cost of producing 50,000 products is $5,000,000, and this output is sold for $5,000,000, we can conclude that the firm will earn an economic profit of:
a. $5,000,000 b. $0 c. $10,000,000 d. $50,000
Suppose that in a computer factory, if there is 1 worker, 80 computers are produced per week. If there are 2 workers, 150 computers are produced per week. If there are 3 workers, 200 computers are produced per week. Given this information, the marginal product of the third worker is
A. 60 computers per week. B. 50 computers per week. C. 210 computers per week. D. 70 computers per week.