Answer the following questions true (T) or false (F)
1. Suppose the extra cost for a town to lower its speed limit by 5 mph is $20 per day. Then, the town should lower the speed limit if it can generate an additional benefit of $20 per day.
2. All economic questions arise from the fact that resources are unlimited.
3. Even if the population declines, scarcity will still exist.
1. TRUE
2. FALSE
3. TRUE
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When the price of gas goes up and the demand for tires goes down, this means tires and gas are:
A) substitutes. B) complements. C) both expensive. D) both inexpensive.
In reference to the federal income tax system, a tax bracket is
A) the income range within which a tax rate applies. B) the estimated amount of federal income tax firms withhold from their employees' paychecks. C) the formula the federal government uses to determine the dollar amount of the personal exemption and the amounts taxpayers are allowed for deductions from their incomes. D) used to determine the average tax rate.