The second largest source of income for the federal budget is
A. personal income taxes.
B. corporate income taxes.
C. payroll taxes.
D. inheritance taxes.
Answer: C
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For a common resource, the marginal private cost of the resource is equal to the marginal social cost
Indicate whether the statement is true or false
Which of the following explains why the marginal cost curve has a U shape?
A) Initially, the average cost of production rises, then falls. B) Initially, the marginal product of labor falls, then rises. C) Initially, the marginal product of labor rises, then falls. D) Initially, the average product of labor rises, then falls.
A free market may produce a misallocation of resources over time because
a. the Fed manipulates interest rates. b. people have a "defective telescopic faculty." c. private risk usually exceeds social risk. d. All of the above are correct.
What does it mean to say that workers and firms have rational expectations?
What will be an ideal response?