Economists Chamberlain and Prante of the Tax Foundation note that if the U.S. population in 2004 were grouped into quintiles by income:
A. Only the top income quintile paid more in taxes than the benefits they received from government spending
B. The top two income quintiles paid more in taxes than the benefits they received from government spending
C. The top three income quintiles paid more in taxes than the benefits they received from government spending
D. Only the bottom income quintile paid less in taxes than the benefits they received from government spending
B. The top two income quintiles paid more in taxes than the benefits they received from government spending
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Answer the next question based on the demand and cost schedules for a monopolistically competitive firm given in the table below.PriceQuantity DemandedTotal CostOutput$201$101182202163293144364125405106426What will be the economic profit or loss for this monopolistically competitive firm at the profit-maximizing level of output?
A. +$20 B. +$10 C. -$15 D. +$28
Why do firms enter into a collusive agreement?
A) To increase profits B) To reduce prices C) To reduce market concentration D) To increase market supply
Explain what is meant by perfect price discrimination
What will be an ideal response?
It is possible for the government to remove individuals from a prisoner's dilemma setting and make them better off.
Answer the following statement true (T) or false (F)