The three most important sources of federal tax revenue in order of descending importance are:
A. sales, payroll, and personal income taxes.
B. personal income, corporate income, and sales taxes.
C. personal income, corporate income, and payroll taxes.
D. personal income, payroll, and corporate income taxes.
Answer: D
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Consider the following scenario. Assume the price of gold in London is selling for $1400 an ounce while in New York it is fetching a price of $1450 an ounce
What would an economist say about the efficiency of this market? What would an economist predict about what would happen next?
Suppose Jason owns a small pastry shop. Jason wants to maximize his profit, and thinking back to the microeconomics class he took in college, he decides he needs to produce a quantity of pastries which will minimize his average total cost
Will Jason's strategy necessarily maximize profits for his pastry shop? A) No; In order to maximize profit, Jason would never want to produce the quantity where average total cost is minimized. B) Yes; Since Jason's pastry shop is in a perfectly competitive market, the only way to maximize profit is to produce the quantity where average total cost is minimized. C) Not necessarily; Depending on demand, Jason may maximize profit by producing a quantity other than that where average total cost is at a minimum. D) Not necessarily; This strategy will only maximize Jason's profit in the long run, but not in the short run.