What are the two largest categories of federal tax receipts?
individual income taxes (43 percent of 2011 federal tax receipts) and social insurance taxes (36 percent of 2011 federal tax receipts)
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Publishers charge much higher prices for a book in hardcover than for the same book in paper cover because
A) the demand for hardcover books is less elastic at the same price. B) the marginal cost of attaching hardcovers is very high. C) there are larger sunk costs in the production of hardcover editions. D) they have less bargaining power against bookstores in marketing paperback editions. E) they want to subsidize students.
Give an example of a cyclically unemployed person
What will be an ideal response?
The change in a firm's total cost from producing one more unit of a good or service is
A) the definition of marginal product B) the result of economies of scale. C) the definition of marginal cost. D) impossible to observe in large firms with many manufacturing plants.
If a chemical factory causes noxious fumes to be emitted in the neighborhood, a likely third party would be
a. workers at the factory b. factory managers c. chemical customers d. neighborhood homeowners and their families e. owners of the factory