The private cost of a good or service is the cost borne by those who do not produce the good or service

Which of the following is true of individual income taxes?

A) Individual income taxes are only collected by the federal government. B) Individual income taxes are only collected by the state governments. C) All states in the U.S. collect individual income taxes. D) The rate of income tax imposed by states in the U.S. varies.

How are the following events likely to affect the market supply of rice in an economy?

a) A fall in the wage rate of farm labor b) An increase in the productivity of farm capital due to better technology c) An increase in the use of agricultural land for non-agricultural purposes