Which of the following is correct about the U.S. tax system?
A. The primary federal tax system is regressive, while the primary state and local tax systems
are progressive.
B. Both the primary federal tax system and the primary state and local tax systems are
regressive.
C. The primary federal tax system is progressive, while the primary state and local tax
systems are regressive.
D. Both the primary federal tax system and the primary state and local tax systems are
progressive.
Answer: C
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Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the labor force is
A) 239,000. B) 260,000. C) 281,000. D) 500,000.
Market consumer surplus
A) is the area under the demand curve and above market price, up to the quantity actually bought. B) is equal to total market revenue minus cost. C) does not depend on the quantity sold. D) is the area under the market price and above the marginal cost curve.
Marginal profit is equal to
A) marginal revenue minus marginal cost. B) marginal revenue plus marginal cost. C) marginal cost minus marginal revenue. D) marginal revenue times marginal cost. E) marginal revenue divided by marginal cost.
The ratio of debt to GDP is much higher in the United States than in most other industrialized nations
Indicate whether the statement is true or false