Average tax rate is calculated by dividing total tax paid by total ______.
a. amount of purchases made
b. number of deductions claimed
c. number of taxpayers contributing
d. amount of income earned
d. amount of income earned
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Explain the term "economics."
What will be an ideal response?
We know the following about a tie manufacturer: tie sales $1,300, cotton purchases $750, wages $400, interest on business loans $100, and profits $50. What is the contribution to GDP of this producer using the income approach?
A) $550 B) $500 C) $450 D) $400
If the Fed unexpectedly decreases the money supply, real GDP
a. increases because the resulting increase in the interest rate leads to a decrease in investment. b. increases because the resulting decrease in the interest rate leads to an increase in investment. c. decreases because the resulting increase in the interest rate leads to a decrease in investment. d. decreases because the resulting increase in the interest rate leads to an increase in investment. e. decreases because the resulting decrease in the interest rate leads to an increase in investment.
Suppose a consumer consumes two goods, X and Y. The relative price of the two goods equals the
a. marginal rate of substitution. b. rate at which the consumer will give up X to gain Y while maintaining the same level of utility. c. slope of the budget constraint. d. All of the above are correct.