The quantity of newspapers sold will decline if
A. newsprint becomes more expensive.
B. the printers’ union makes wage concessions.
C. prices are reduced.
D. magazine prices rise.
Answer: A
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Last year, Anthony Millanti earned exactly $30,000 of taxable income. Assume that the income tax system used to determine Anthony's tax liability is progressive
The table below lists the tax brackets and the marginal tax rates that apply to each bracket. a. Draw a new table that lists the amounts of income tax that Anthony is obligated to pay for each tax bracket, and the total tax he owes the government. (Assume that there are no allowable tax deductions, tax credits, personal exemptions, or any other deductions that Anthony can use to reduce his tax liability). b. Determine Anthony's average tax rate. Tax Bracket Marginal Tax Rate $0-5,000 0.05 (5%) 5,001-10,000 0.10 (10%) 10,001-15,000 0.15 (15%) 15,001-20,000 0.20 (20%) 20,001-25,000 0.25 (25%) 25,001-30,000 0.30 (30%)
Refer to the above table. Assuming constant opportunity costs, the opportunity cost of producing a computer in the United States is ________ while the opportunity cost of producing a computer in Mexico is ________
A) 0.8 bicycle; 2 computers B) 2.5 computers; 0.25 bicycle C) 0.5 bicycle; 0.2 bicycle D) 2 bicycles; 5 bicycles
A Giffen good is a good for which an increase in the price
a. decreases the quantity supplied. b. increases the quantity supplied. c. decreases the quantity demanded. d. increases the quantity demanded.
Suppose a developing country is falling further behind the developed countries that it neighbors. As an economic consultant, you are called to look at its policies to recommend changes. If you saw all of the following on your visit, which of them could be an explanation for the slow growth in the economy?
A. You see that the roads, bridges, and ports are in great shape thanks to the work of the World Bank. B. You see that new companies require few licenses to move their exports. C. You see that the central bank does not pay attention to what the elected officials want. D. You see that companies have to get official approval to remove their profits back to their home country.