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lover lover
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Posts: 545
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6 years ago
Joe earns 100,000 per year. He pays a tax rate of 28 percent on the first 60,000 of income and a tax rate of 15 percent on income above 60,000. This tax system is an example of a
 
  A) regressive income tax.
  B) negative income tax.
  C) progressive income tax.
  D) proportional income tax.



Ques. 2

Which of the following is NOT a TRUE statement about perfectly competitive and monopolistically competitive firms?
 
  A) Both monopolistically competitive and perfectly competitive firms have perfectly elastic demands.
  B) In the long run, only monopolistically competitive firms have excess capacity.
  C) Perfectly competitive firms produce at their efficient scale.
  D) There are a large number of firms in both monopolistically competitive and perfectly competitive markets.



Ques. 3

When a union faces a monopsony buyer, a ________ exists.
 
  A) dual-monopoly
  B) monopoly
  C) bilateral monopoly
  D) monopolistic monopsony



Ques. 4

Nick considers macaroni and cheese to be an inferior good. As a result of macaroni and cheese being an inferior good, the
 
  A) substitution effect must be larger in magnitude than the income effect so that less is purchased as the price falls.
  B) substitution effect must be smaller in magnitude than the income effect so that less is purchased as the price falls.
  C) income effect is positive, so that more is purchased as income increases.
  D) income effect is negative, so that less is purchased as income increases.



Ques. 5

If Dana spends all her income on ice cream and Mountain Dew and her marginal utility per dollar from ice cream is greater than her marginal utility per dollar from Mountain Dew, she should buy more ice cream and less Mountain Dew.
 
  Indicate whether the statement is true or false



Ques. 6

A worldwide hops (a flowers used in brewing) shortage made stouts, ales and other specialty microbrews more pricy in 2008. A triple whammy of bad weather in Europe, an increase in the price of barley and a decrease in hops production in the U.S.
 
  led to a price increase of 20 percent for the most widely grown varieties, to 80 percent for specialty hops. What is the effect of this hops shortage on a microbrewery's cost curves? A) Short run fixed costs would increase.
  B) Short run total costs would decrease.
  C) Short run average variable costs would decrease.
  D) Short run variable costs would increase.



Ques. 7

Most economist would consider the marginal private benefit of education is
 
  A) less than the marginal social benefit.
  B) equal to the marginal social benefit.
  C) greater than the marginal social benefit.
  D) equal to the marginal social cost.



Ques. 8

If the monopoly illustrated in the figure above could engage in perfect price discrimination, then the lowest ticket price would be
 
  A) 1.00.
  B) 2.00.
  C) 3.00.
  D) 3.50.



Ques. 9

The average total cost curves for plants A, B, C and D are shown in the above figure. Which plant is best to use to produce 20 units per day?
 
  A) plant A
  B) plant B
  C) plant C
  D) plant D
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princess34princess34
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Posts: 377
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6 years ago
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lover Author
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6 years ago
Thanks for your help!!
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Yesterday
Brilliant
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2 hours ago
Good timing, thanks!
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