The top federal personal income tax bracket is now _______ percent.
A. 25
B. 35
C. 55
D. 70
B. 35
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Suppose you pre-ordered a non-refundable movie ticket to X-Men: Apocalypse. On the day of the movie you decide that you would rather not go to the movie. According to economists, what is the rational thing to do?
A) You should go to the movie to maximize your utility. B) You should not waste resources. Since you have paid for the ticket you should watch the movie. C) Your should go to the movie to minimize your losses. D) Since the cost of the movie ticket is a sunk cost, it should not influence your decision. Your decision should be based solely on whether you want to see the movie or not.
In January 2001, the euro/dollar exchange rate was 1.10, and in January 2002, the euro/dollar exchange rate was 1.120 What happened to the exchange rate during this period?
A) Euro appreciated against the dollar. B) Euro depreciated against the dollar. C) Dollar appreciated against the euro. D) Both B and C.
We would expect unions to have a more difficult time negotiating higher wages for their members when
A) labor represents a small portion of total costs. B) the product produced makes up a small portion of families' budgets. C) the product produced has several close substitutes. D) there are not good substitutes for labor in the production process.
The demand curve is:
A. a downward-sloping line that reflects the inverse relationship between price and quantity. B. an upward-sloping line that reflects the inverse relationship between price and quantity. C. a downward-sloping line that reflects the positive relationship between price and quantity. D. an upward-sloping line that reflects the direct relationship between price and quantity.