Under a progressive tax system, the marginal tax rate could be equal to the average tax rate only when a taxpayer
a. has a very high income.
b. has a very low income.
c. is self-employed.
d. invests in a retirement plan.
b
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The effect of trade on income distribution
A) can be significant in the sort run. B) is positive for all segments of an economy. C) is insignificant in the short run. D) implies that there are no real gains from trade. E) refutes the model of comparative advantage.
In the above figure, the opportunity cost of moving from point A to point C is
A) 50 guitars. B) 0 guitars. C) 25 guitars. D) 50 ukuleles.
When the Japanese imposed a voluntary export restraint (VER) on automobile exports in the 1980s, the environmental conditions in the United States improved.
Answer the following statement true (T) or false (F)
Suppose that a product benefits from a successful advertising campaign. The result is that:
A. the demand for the product increases. B. the demand for the product decreases. C. the supply of the product increases. D. the supply of the product decreases.