The total amount of surplus lost due to taxation is:

A. greater than the amount of revenue generated.
B. less than the amount of revenue generated.
C. transferred to the government in the form of tax revenues.
D. used to fund public services.

A. greater than the amount of revenue generated.

Economics

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A teenaged babysitter is similar to a firm in a perfectly competitive industry in that, for both

A) average costs of production do not change when their industry expands. B) fixed costs are lower than variable costs. C) there are many other suppliers of similar goods or services. D) the implicit costs of production exceed the explicit costs of production.

Economics

As the number of years of schooling completed increases, the expected private return and private cost of education

(a) increase at roughly the same rate. (b) increase at different rates with expected private return increasing at a slower rate than private cost. (c) increase at different rates with expected private return increasing at a faster rate than private cost. (d) do not increase.

Economics