Which of the following is not a not-for-profit institution? A)Columbia Broadcast
ID: 1231239 • Letter: W
Question
Which of the following is not a not-for-profit institution?A)Columbia Broadcasting System (CBS)
B) American Red Cross
C)Salvation Army
D) a public library
E) a typical college or university
Which of the following would indicate that an income tax is progressive?
A) high-income people pay $3,000; low-income people pay $1,000
B) low-income people pay $3,000; high-income people pay $1,000
C) high-income and low-income people all pay $1000 each
D)high-income people pay 20 percent of their income in taxes; low-income people pay 10 percent
E) both high-income and low-income people pay 10 percent of their income in taxes
Household production is more likely to occur when
A) it requires many specialized resources
B) technology makes it easier than market production
C) tax avoidance is undesirable
D) less control over the final product is desirable
E) the opportunity cost of household production is high
Which of the following is an example of an in-kind transfer?
A) welfare payments
B) most Social Security benefits
C) unemployment compensation payments
D) food stamps
E) charitable contributions
Katie had a before-tax income of $40,000 and paid taxes of $6,000. Rinji had a before-tax income of $35,000 and paid taxes of $5,250. Based on this information, the tax system is
A) There is insufficient information to answer the question.
B) progressive
C) based on the benefits received
D) regressive
E) proportional
In the following situation the tax system is
Taxable income
$1,000
$3,000
$9,000
$27,000
Taxes
$100
$200
$400
$800
A) progressive through all levels of income
B) proportional throughout all levels of income
C) regressive throughout all levels of income
D) based on the benefits-received principle
E) there is insufficient information to answer the question
In the United States since World War II, there has been
A) a dramatic increase in the population living in rural areas
B) a decline in the number of women in the labor force
C) a decrease in the opportunity cost of working in the home
D) more specialization of production within households
E) a dramatic increase in the number of married women in the labor force
What part of federal government spending has grown the most slowly in recent decades?
A) national defense
B) welfare
C) interest on the national debt
D) social security and medicare
E) all other forms of federal government spending
Household production still exists because it often requires fewer specialized resources than market production does.
A) True
B) False
The personal income tax is based on the benefits-received principle of taxation.
A) True
B) False
A decrease in demand will cause a(n)
A) increase in supply
B) decrease in supply
C) increase in quantity supplied
D) increase in equilibrium price
E) decrease in equilibrium price
Luxury goods are
A) goods with negative income elasticity
B) income elastic
C) goods with positive price elasticity
D) income inelastic
E) price inelastic
If an increase in price from $1.20 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units,
A) demand is unit elastic
B) demand is elastic
C) supply is elastic
D) supply is inelastic
E) demand is inelastic
For which of the following is demand likely to be most price-elastic?
A) none of the above (they will all have the same elasticity)
B) steak
C) protein foods (including meat, cheese, beans, eggs, fish, etc.)
D) beef (including steak, ribs, hamburger, etc.)
E) meat (including beef, pork, chicken, lamb, etc.)
If the value of the price elasticity of demand is -0.2, this means that a
A) 5 percent decrease in price causes a 1 percent increase in quantity demanded
B) 0.2 percent decrease in price causes a 0.2 percent increase in quantity demanded
C) 20 percent decrease in price causes a 1 percent increase in quantity demanded
D) 0.2 percent decrease in price causes a 1 percent increase in quantity demanded
E) 100 percent decrease in price causes a 200 percent increase in quantity demanded
For which of the following medical goods or services is the income elasticity of demand likely to be largest?
A) emergency services after a car accident
B) face-lifts
C) medical tests to diagnose specific symptoms
D) physical examinations for life insurance applications
E) measles shots
If people have more time to adjust to a price change,
A) demand becomes less elastic, and supply becomes more elastic
B) elasticity of both demand and supply tends toward unity
C) demand becomes more elastic, and supply becomes less elastic
D) both supply and demand become less elastic
E) both supply and demand become more elastic
If an increase in price from $1 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units, then the value of price elasticity of supply is
A) 2
B) 2.67
C) 8
D) 4
E) 0.38
Explanation / Answer
Which of the following is not a not-for-profit institution?
A)Columbia Broadcasting System (CBS)
B) American Red Cross
C)Salvation Army
D) a public library
E) a typical college or university
Which of the following would indicate that an income tax is progressive?
A) high-income people pay $3,000; low-income people pay $1,000
B) low-income people pay $3,000; high-income people pay $1,000
C) high-income and low-income people all pay $1000 each
D)high-income people pay 20 percent of their income in taxes; low-income people pay 10 percent
E) both high-income and low-income people pay 10 percent of their income in taxes
Household production is more likely to occur when
A) it requires many specialized resources
B) technology makes it easier than market production
C) tax avoidance is undesirable
D) less control over the final product is desirable
E) the opportunity cost of household production is high
Which of the following is an example of an in-kind transfer?
A) welfare payments
B) most Social Security benefits
C) unemployment compensation payments
D) food stamps
E) charitable contributions
Katie had a before-tax income of $40,000 and paid taxes of $6,000. Rinji had a before-tax income of $35,000 and paid taxes of $5,250. Based on this information, the tax system is
A) There is insufficient information to answer the question.
B) progressive
C) based on the benefits received
D) regressive
E) proportional
In the following situation the tax system is
Taxable income
$1,000
$3,000
$9,000
$27,000
Taxes
$100
$200
$400
$800
A) progressive through all levels of income
B) proportional throughout all levels of income
C) regressive throughout all levels of income
D) based on the benefits-received principle
E) there is insufficient information to answer the question
In the United States since World War II, there has been
A) a dramatic increase in the population living in rural areas
B) a decline in the number of women in the labor force
C) a decrease in the opportunity cost of working in the home
D) more specialization of production within households
E) a dramatic increase in the number of married women in the labor force
What part of federal government spending has grown the most slowly in recent decades?
A) national defense
B) welfare
C) interest on the national debt
D) social security and medicare
E) all other forms of federal government spending
Household production still exists because it often requires fewer specialized resources than market production does.
A) True
B) False
The personal income tax is based on the benefits-received principle of taxation.
A) True
B) False
A decrease in demand will cause a(n)
A) increase in supply
B) decrease in supply
C) increase in quantity supplied
D) increase in equilibrium price
E) decrease in equilibrium price
Luxury goods are
A) goods with negative income elasticity
B) income elastic
C) goods with positive price elasticity
D) income inelastic
E) price inelastic
If an increase in price from $1.20 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units,
A) demand is unit elastic
B) demand is elastic
C) supply is elastic
D) supply is inelastic
E) demand is inelastic
For which of the following is demand likely to be most price-elastic?
A) none of the above (they will all have the same elasticity)
B) steak
C) protein foods (including meat, cheese, beans, eggs, fish, etc.)
D) beef (including steak, ribs, hamburger, etc.)
E) meat (including beef, pork, chicken, lamb, etc.)
If the value of the price elasticity of demand is -0.2, this means that a
A) 5 percent decrease in price causes a 1 percent increase in quantity demanded
B) 0.2 percent decrease in price causes a 0.2 percent increase in quantity demanded
C) 20 percent decrease in price causes a 1 percent increase in quantity demanded
D) 0.2 percent decrease in price causes a 1 percent increase in quantity demanded
E) 100 percent decrease in price causes a 200 percent increase in quantity demanded
For which of the following medical goods or services is the income elasticity of demand likely to be largest?
A) emergency services after a car accident
B) face-lifts
C) medical tests to diagnose specific symptoms
D) physical examinations for life insurance applications
E) measles shots
If people have more time to adjust to a price change,
A) demand becomes less elastic, and supply becomes more elastic
B) elasticity of both demand and supply tends toward unity
C) demand becomes more elastic, and supply becomes less elastic
D) both supply and demand become less elastic
E) both supply and demand become more elastic
If an increase in price from $1 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units, then the value of price elasticity of supply is
A) 2
B) 2.67
C) 8
D) 4
E) 0.38
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