|
Title: A proportional income tax is defined as a tax for which : Post by: jihuygu on Feb 26, 2018 A proportional income tax is defined as a tax for which
A) total taxes paid increase with the level of income. B) total taxes paid are independent of the level of income. C) the average tax rate increases with the level of income. D) the average tax rate is the same at all levels of income. Ques. 2 The average total cost curves for Plant 1, ATC0, and Plant 2, ATC1, are shown in the figure above. Over what range of output is it efficient to operate Plant 1? A) 0-20 B) 0-25 C) 20-25 D) greater than 25 Ques. 3 Which of the following statements is FALSE? A) When the relative price of a good falls, the substitution effect always leads the consumer to substitute more of that good for the other good. B) For a normal good, the income effect reinforces the substitution effect. C) For an inferior good, the income effect offsets the substitution effect. D) For an inferior good, the income effect is positive. Ques. 4 The Paradox of Value is resolved by the willingness for an individual to pay a high price for a good or service that has a high marginal utility per dollar. Indicate whether the statement is true or false Ques. 5 The average total cost curves for plants A, B, C, and D are shown in the above figure. It is possible that the long-run average cost curve runs through points A) a, b, and c. B) b, d, and e. C) d, e, and f. D) c and d. Ques. 6 La Super Rica is a taco stand in Santa Barbara, California. It is popular with the locals and even the late Julia Child found the food delicious. Suppose La Super Rica maximizes its profit. If La Super Rica's lunch price is greater than its average total cost, which of the following statements is NOT true? A) La Super Rica is producing at its efficient scale. B) La Super Rica is making an economic profit. C) La Super Rica is producing a quantity where marginal revenue equals marginal cost. D) La Super Rica has excess capacity. Ques. 7 Alice, Bob, and Cody live in Wesland. Their annual incomes and the amounts they pay in income tax are shown in the table below. Income Tax Alice 30,000 6,000 Bob 50,000 7,500 Cody 100,000 12,000 The income tax in Wesland is A) proportional. B) regressive. C) flat-rate. D) progressive. Title: A proportional income tax is defined as a tax for which : Post by: kirandk on Feb 26, 2018 Content hidden
Title: A proportional income tax is defined as a tax for which : Post by: jihuygu on Feb 26, 2018 Thank you, thank you, thank you!
|