When income is $15,000, the amount of income taxes owed is $1,500; when income increases to $20,000, the amount owed increases to $3,000. The average income tax rate when a person earns $15,000 is

It is usually assumed that a perfectly competitive firm's supply curve is given by its marginal cost curve. In order for this to be true, which of the following additional assumptions are necessary? I. That the firm seeks to maximize profits. II. That the marginal cost curve be positively sloped. III. That price exceeds average variable cost. IV. That price exceeds average total cost

a. All of the above. b. I and II but not III and IV. c. I and III but not II and IV. d. I, II and III, but not IV.

When government provides generous unemployment benefits, unemployed workers have lesser incentives to look for jobs

a. True b. False Indicate whether the statement is true or false