The Federal personal income tax:
A. Has a regressive structure
B. Is actually less progressive than official tax schedules would indicate because of various tax exemptions and deductions
C. Has become extremely progressive as a result of taxpayers' being pushed into higher tax brackets by higher income levels
D. Has experienced substantial increases in rates during the past two years
B. Is actually less progressive than official tax schedules would indicate because of various tax exemptions and deductions
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An inferior good has a ________ elasticity of demand
A) positive income B) negative income C) negative cross D) positive cross E) negative price
When a producer has the ability to produce a good or service at a lower opportunity cost than others, economists say the producer:
A. has an absolute advantage at producing that good. B. has a comparative advantage at producing that good. C. has no reason to trade with others. D. is efficient in production.
Much of the nation's coal is extracted by strip mining. This process leaves a huge barren hole in the ground when complete, and the cost of replanting the trees is approximately $10 per ton of coal. Burning the coal for electricity causes air pollution. No one knows how much damage the air pollution causes, but we know that for another $10 per ton the power plant can be outfitted with a pollution
control device. What is one measure of the true social cost of coal fired electricity, in dollars per ton? a. Private marginal cost plus the $10 replanting charge. b. Private marginal cost plus the $10 emission control charge. c. Only the $20 of replanting and emission control charges, because the other costs are private, not social. d. Private marginal cost plus the $20 of replanting and emission control charges. e. In order to answer this question we need to know the dollar value of the pollution.
If firms sell exactly what they expected to sell then
What will be an ideal response?