Suppose the government used the following formula to compute a family's tax liability: Taxes owed = 28% of income - $8,000 . How much would a family have to earn to owe $0 in taxes?
a. $8,000
b. $16,283
c. $28,571
d. $30,694
c
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What is the "midpoint formula" and why is it used?
What will be an ideal response?
On account of a massive construction boom in a country, the demand for iron ore increases substantially. This causes iron ore prices to escalate. Producers increase iron ore mining considerably in the short run, in spite of knowing that this will adversely affect future availability of ore. Which of the following is most similar to the scenario described above?
a. Corn producers hoard their supplies in order to induce a price hike. b. Petroleum manufacturers increase extraction in response to sky-rocketing fuel prices. c. The government of a country makes aforestation mandatory for lumber firms. d. Impressive revenue generation induces the government of a country to impose additional fuel surcharge. e. To discourage smoking, the government of a country increases sales tax on cigarettes.
When a production possibilities frontier is bowed outward, the opportunity cost of one good in terms of the other is constant
a. True b. False Indicate whether the statement is true or false
Which of the following actions has no effect on the total money supply?
A. There is a transfer of deposits from one bank to another bank. B. There is change in the money multiplier. C. The Federal Open Market Committee buys government securities. D. The Federal Open Market Committee sells government securities.