What is the price elasticity of demand at any point on a perfectly inelastic demand curve?
The price elasticity of demand is zero.
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The marginal principle dictates that marginal cost should equal marginal benefit
Indicate whether the statement is true or false
Proponents of a balanced budget amendment argue that the private advantages that each of us realizes from spending on our government programs are paid for almost entirely by other taxpayers
a. True b. False Indicate whether the statement is true or false
Suppose a country imposes a lump-sum income tax of $5,000 on each individual in the country. What is the marginal income tax rate for an individual who earns $40,000 during the year?
a. 0% b. 10% c. More than 10% d. The marginal tax rate cannot be determined without knowing the entire tax schedule.
In the table shown above, the total cost of the market basket in 2010 was
A. $6.00. B. $85.00. C. $60.00. D. $8.50.