Exam 3: Economic Decision Makers

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Consider a system in which a person earning $10, 000 pays $1, 000 in taxes, a person earning $25, 000 pays $1, 000 in taxes and a person earning $60, 000 pays $1, 000 in taxes.What type of tax is this?

(Multiple Choice)

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Question 81

Externalities are defined as

(Multiple Choice)

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Question 82

Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100, 000 fee.Your business is broke, and you never wanted the consultants to work for you -- only your partner did.For how much of this debt are you legally liable?

(Multiple Choice)

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Question 83

The most common form of business organization in the United States is the sole proprietorship.

(True/False)

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Question 84

Gross Domestic Product is the value of all

(Multiple Choice)

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Question 85

Raghib teaches mathematics at Camford University and receives $40, 000 per year.His spouse, Noraini, works as a self-employed computer programmer and charges $40 per hour.Which of the following is true?

(Multiple Choice)

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Question 86

Which of the following is the category to which the largest portion of households' personal income is allocated?

(Multiple Choice)

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Question 87

In the following situation the tax system is

(Multiple Choice)

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Question 88

Since 1930, U.S.government spending as a percent of GDP has

(Multiple Choice)

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Question 89

Chris had a before-tax income of $20, 000 and paid taxes of $3, 000.Pat had a before-tax income of $10, 000 and paid taxes of $1, 000.Based on this information, which of the following is correct?

(Multiple Choice)

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Question 90

Which of the following is true about sole proprietorship in the United States?

(Multiple Choice)

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Question 91

Gasoline taxes illustrate the benefits-received principle of taxation.

(True/False)

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Question 92

Which form of business organization accounts for the largest proportion of business sales in the United States?

(Multiple Choice)

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Question 93

A realized capital gain is

(Multiple Choice)

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Question 94

Household production still exists because it often requires fewer specialized resources than market production does.

(True/False)

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Question 95

One disadvantage of a sole proprietorship as a form of business organization is that

(Multiple Choice)

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Question 96

Sole proprietorships produce more goods and services than does any other form of business organization.

(True/False)

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Question 97

Gross Domestic Product is the market value of

(Multiple Choice)

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Question 98

Which of the following would indicate that a tax is regressive?

(Multiple Choice)

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Question 99

A tax is said to be progressive if

(Multiple Choice)

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Question 100

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Exam 3: Economic Decision Makers

Consider a system in which a person earning $10, 000 pays $1, 000 in taxes, a person earning $25, 000 pays $1, 000 in taxes and a person earning $60, 000 pays $1, 000 in taxes.What type of tax is this?

Externalities are defined as

Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100, 000 fee.Your business is broke, and you never wanted the consultants to work for you -- only your partner did.For how much of this debt are you legally liable?

The most common form of business organization in the United States is the sole proprietorship.

Gross Domestic Product is the value of all

Raghib teaches mathematics at Camford University and receives $40, 000 per year.His spouse, Noraini, works as a self-employed computer programmer and charges $40 per hour.Which of the following is true?

Which of the following is the category to which the largest portion of households' personal income is allocated?

In the following situation the tax system is

Since 1930, U.S.government spending as a percent of GDP has

Chris had a before-tax income of $20, 000 and paid taxes of $3, 000.Pat had a before-tax income of $10, 000 and paid taxes of $1, 000.Based on this information, which of the following is correct?

Which of the following is true about sole proprietorship in the United States?

Gasoline taxes illustrate the benefits-received principle of taxation.

Which form of business organization accounts for the largest proportion of business sales in the United States?

A realized capital gain is

Household production still exists because it often requires fewer specialized resources than market production does.

One disadvantage of a sole proprietorship as a form of business organization is that

Sole proprietorships produce more goods and services than does any other form of business organization.

Gross Domestic Product is the market value of

Which of the following would indicate that a tax is regressive?

A tax is said to be progressive if

The Art and Science of Economic Analysis

Appendix--Understanding Graphs

Economic Tools and Economics Systems

Demand, Supply, and Markets

Elasticity of Demand and Supply

Appendix--Price Elasticity and Tax Incidence

Consumer Choice and Demand

Appendix--Indifference Curves and Utility Maximization

Production and Cost in the Firm

A--Perfect Competition

B--Perfect Competition

A--Monopoly

B--Monopoly

Monopolistic Competition and Oligopoly

Resource Markets

Labor Markets and Labor Unions

Capital, Interest, and Corporate Finance

Transaction Costs, Imperfect Information, and Behavioral Economics

Economic Regulation and Antitrust Policy

Public Goods and Public Choice

Externalities and the Environment

Income Distribution and Poverty

International Trade

International Finance

Economic Development

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