1.Jack earns $90,000 while Priscilla earns $130,000. A regressive social securit
ID: 1215203 • Letter: 1
Question
1.Jack earns $90,000 while Priscilla earns $130,000. A regressive social security tax of 5%, paid only up to $90,000, would mean that
A. Priscilla pays more tax dollars than Jack.
B. Both pay the same amount of dollars in the tax but Jack pays a lower tax rate.
C. Both pay the same amount of dollars in the tax and pay the same tax rate.
D. Both pay the same amount of dollars in the tax even though Jack pays in a higher tax rate bracket.
E. Priscilla pays no taxes (income over $90,000) so the burden falls on Jack.
2.If the government establishes a tax on movie tickets,
A.both the demand and supply of movie tickets will increase.
B.both the demand and supply for movie tickets will decrease.
C.both demand and supply for movie tickets remain the same.
D.the demand for movie tickets increases and the supply decreases
E.the demand for movie tickets will increase and the supply will remain the same.
3. You go to a new movie that everyone is raving about. However, you are not enjoying the movie at all, and, in fact, you feel that this is the worst movie you have ever seen. If you do not get up and leave the theater before the end of the show, you are in effect saying that
A. you stayed because you were sure that the movie would get better.
B.you stayed because you knew you wouldn’t be able to get a refund.
C. you stayed because you have nothing better to do with your time.
D. you stayed because you would have had to pay to get out of the theater.
1. Hallyho High School is only private high school in town. Students pay a substantial tuition to attend this school. Schooling there is considered to have
A.exclusion and non-rival non-shared consumption.
C.exclusion and non-shared consumption.
E.exclusion and non-rival shared consumption.
2. Which of the following is not true of monopolistic competition?
I.In the long run the demand curve will shift to the left until price equals average total cost and economics profit increases.
II.in the long run it does not operate at minimum average cost.
III.There are large number of buyers and sellers, it is a price maker, and there are low barriers of entry.
(There may be multiple answers)
3. The following is true for an oligopoly
A. There are few firms producing one type of product.
B. There are few firms producing many types of products.
4. Which of the following is true of the cost of production under the rule of “ceteris paribus?”
I.a firm produces goods by combining land, labor, natural resources and entrepreneurship.
II.In the short run at least one factor of production is fixed.
III.When one factor of production is fixed, the firm will experience marginal diminishing returns.
IV.With good management, all costs of production can be controlled and the firm will always experience long run profits.
(There may be multiple answers)
Explanation / Answer
1..both pay the same amount of dollars in the tax and pay the same tax rate
2. B.both the demand and supply for movie tickets will decrease
3.B.you stayed because you knew you wouldn’t be able to get a refund. and
C. you stayed because you have nothing better to do with your time.
1. A.exclusion and non-rival non-shared consumption.
2. I.In the long run the demand curve will shift to the left until price equals average total cost and economics profit increases.
II.in the long run it does not operate at minimum average cost.
3.A. There are few firms producing one type of product.
4. I.a firm produces goods by combining land, labor, natural resources and entrepreneurship.
II.In the short run at least one factor of production is fixed.
III.When one factor of production is fixed, the firm will experience marginal diminishing returns.
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