The largest single source of revenue for the federal government is the
a. corporate income tax.
b. federal excise tax.
c. personal income tax.
d. Social Security tax.
c
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Economies of scale are an important determinant of comparative advantage based trade
Indicate whether the statement is true or false
The metaphor used to describe the working of the price system to achieve efficiency in a free market is
a. Occam's razor. b. the prisoner's dilemma. c. the invisible hand. d. the benefit principle.
Since 1970, has the distribution of income in the US become more equal, less equal, or remained unchanged?
Price elasticity of demand measures:
A. the change in price brought about by a change in consumer demand. B. how consumers change their purchases in response to a change in income. C. how consumers change their purchases in response to a change in the price of a substitute good. D. how consumers change their purchases in response to a change in the price of a product.