The second largest source of income for the federal budget is:
a. personal income taxes.
b. corporate income taxes.
c. payroll taxes.
d. inheritance taxes.
c
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The key reason that the Laspeyres price index tends to overstate the impact of price changes on consumers is that it:
A) only accounts for price increases and ignore price decreases. B) measures prices two periods after the actual price changes occurred. C) ignores the possibility that consumers alter their consumption as prices change. D) All of the above are correct. E) none of the above
Although monopoly has lower output than competition, the level of output is efficient.
Answer the following statement true (T) or false (F)
When a profit-maximizing firm in a competitive market has zero economic profit, accounting profit
a. is negative. b. is at least zero. c. is also zero. d. could be positive, negative or zero.
Private ownership and competitive markets are important for economic growth because they provide individuals with a strong incentive to
What will be an ideal response?