If the average tax rate exceeds the marginal tax rate, the tax would be
A. proportional.
B. regressive.
C. progressive.
D. uniform.
Answer: B
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If actual inflation is greater than the expected rate of inflation, then probably
A. the borrowers are made better off than lenders. B. the borrowers are made worse off than lenders. C. creditors gain at the expense of borrowers. D. savings accounts have increased in real terms.
Suppose a farmer is a price taker for soybean sales with cost functions given by TC = .1q2 + 2q + 30 MC = .2q + 2 The profit maximizing level of output is
a. 0 b. 30 c. 40 d. 50
While the short-run Phillips curve is upward-sloping, the long-run Phillips curve is downward-sloping
Indicate whether the statement is true or false
To convert U.S. dollars into another currency, _____.
(A) Divide the number of dollars by the number of units of the other currency. (B) Divide the rate of exchange by the number of units of the other currency. (C) Multiply the number of dollars by the number of units of the other currency per dollar. (D) Multiply the number of units of the other currency by the number of dollars.