In 2011, the top 50 percent of income earners in the U.S. paid about __________ percent of the total federal income taxes
A) 57.1
B) 67.1
C) 77.1
D) 87.1
E) 97.1
E
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Assume someone organizes all farms in the nation into a monopoly. As a result, consumer surplus will
A) not change. B) increase. C) decrease. D) either increase, decrease, or not change depending if the monopoly's marginal revenue curve lies below, above, or is the same as its demand curve. E) None of the above answers is correct because the effect on consumer surplus depends on whether the monopoly is a single-price or a price-discriminating monopoly.
The selling prices of goods and services in the open market is called the _______ value.
a. exchange b. sale c. money d. risk e. none of the above
An increase in public works spending is likely to
A. Have no effect on physical capital investment. B. Increase transportation costs and environmental impact. C. Decrease physical capital investment. D. Increase market efficiency.
When money is used to compare the relative price of an apple and an orange, money is being used as a _______ .
A) medium of exchange. B) store of value. C) measurement of inflation. D) unit of account. E) token of bartering.