An example of a government policy to increase human capital formation is:
A. government support for basic research.
B. the provision of publicly-funded education.
C. the construction of an interstate highway system.
D. maintaining a well-functioning legal system.
Answer: B
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Which of the following statements is true of market prices in a perfectly competitive market?
A) Market prices are determined by the government. B) Market prices allow for efficient allocation of scarce resources. C) Market prices are not stable and fluctuate widely. D) Market prices do not act as incentives for buyers.
The average tax rate is:
A. change in taxes/change in taxable income. B. total taxes/total taxable income. C. the sum of the marginal tax rate and the rate of transfer payments. D. the tax on incremental income less the tax on total income.