Poor welfare recipients face higher marginal tax rates than do the richest families
a. True
b. False
A
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In the short run, a supply shock that shifts the short-run aggregate supply curve leftward raises the price level and increases real GDP
Indicate whether the statement is true or false
Which of the following transactions would represent an addition to a nation's current gross domestic product?
A. Ms. Smith purchases a share of stock in an automobile company. B. A retailer increases her stock of imported shoes. C. The government increases its domestic purchases of food for use by the military. D. A corporation sells shoes from last year's inventory. E. A mother sells her car to her daughter.
In insurance markets, moral hazard occurs when the behavior of
A) the insured person changes in a way that raises costs for the insurer, since the insured person no longer bears the full costs of that behavior. B) the insurer changes in a way that raises costs for the insured person, since the insurer no longer bears the full costs of that behavior. C) the insured person changes in a way that eliminates rising health care costs for the insurer, since the insured person no longer bears the full costs of that behavior. D) the insured person has an incentive to under consume medical services, simply because the insured person no longer bears the full cost of medical services.
Accounting profits are total revenues minus
A. explicit costs and all other relevant opportunity costs. B. explicit costs. C. explicit and implicit costs. D. all relevant opportunity costs.