The distribution of income in the United States is
a. more concentrated than the distribution of income in other developed countries throughout the world
b. significantly more even than the distribution of income in other developed countries throughout the world
c. quite similar to the distribution of income in other developed countries throughout the world
d. significantly less even than the distribution of income in most developing countries
e. quite similar to the distribution of income in most developing countries
A
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The marginal tax rate is
A. the percentage of all dollars of income paid in tax. B. the percentage of the last dollar of income paid in tax. C. the percentage of all dollars of income paid in tax and the percentage of the last dollar of income paid in tax. D. the percentage of all taxable dollars of income paid in tax.
If expectations are formed rationally and wages are inflexible in the short run, the short-run aggregate supply curve is
A) upward sloping. B) horizontal. C) vertical. D) relatively flat.
Which of the following could generate economic profits for perfectly competitive firms in the short run, if they initially earn zero economic profits?
A) a fall in demand B) a unit tax on output C) an increase in total fixed costs D) a decrease in input prices
Sebastian decides to open a tree farm. When deciding to open his own business, he turned down two separate job offers of $25,000 and $30,000 and withdrew $20,000 from his savings. Sebastian's savings account paid 3 percent interest. He also borrowed $20,000 from his brother, whom he pays 2 percent interest per year. He spent $15,000 to purchase supplies and earned $50,000 in revenue during his
first year. What are Sebastian's implicit costs from running his own business? a. $30,600 b. $55,600 c. $50,000 d. $75,600