Fixed costs are sometimes referred to as _________ costs.
Fill in the blank(s) with the appropriate word(s).
sunk
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An economic boom in China is likely to lead to a(n):
a. decrease in U.S. exports and U.S. aggregate demand. b. increase in U.S. exports and U.S. aggregate demand. c. decrease in U.S. imports and U.S. aggregate demand. d. increase in U.S. imports and U.S. aggregate demand.
Why is the expected price level important?
What will be an ideal response?
A drawback of using market values to aggregate the quantities of goods and services produced in an economy is that:
A. higher-priced items count more. B. not all economically valuable goods and services are bought and sold in markets. C. market prices generally reflect the economic benefit consumers expect to receive from an item. D. GDP increases when not all goods are produced in greater quantities.
The tax brackets in a particular year are 10% on earnings up to $50,000, 20% on earnings from $50,001 to $100,000, 30% on earnings from $100,001 to $150,000, and 40% on earnings over $150,000. If Noelle earns $200,000 this year, what is her total tax?
a. $50,000 b. $65,000 c. $80,000 d. $81,000