Exam 10: The Public Sector

Someone who votes for an election candidate without thoroughly investigating the candidate's position on all issues

One distinguishing characteristic of public goods is

Suppose the income tax rate is 0% on the first $10,000;10% on the next $20,000;20% on the next $20,000;30% on the next $20,000;and 40% on any income over $70,000.Family A earns $28,000 a year and Family B earns $65,000 a year.Both receive a ten percent raise,after which A's marginal tax rate is ________% and B's marginal tax rate is ________%.

A consumption tax with an exemption for the first $20,000 of family consumption and a constant tax rate beyond that would be

If corporate income taxes are collected on a firm's economic profit rather than its accounting profits,how will the firm change its output and price as a result?

Suppose the income tax rate schedule is 0% on the first $10,000;10% on the next $20,000;20% on the next $20,000;30% on the next $20,000;and 40% on any income over $70,000.Family A earns $28,000 a year and Family B earns $65,000 a year.Both receive a ten percent raise.What is the marginal tax rate of each and what is the extra tax paid by each after the raise?

The marginal tax rate is equal to

Scholarships awarded to students with high Grade Point Averages are an example of

The provision of a legal system is an important economic function of the government because