Assume that the government proposes a negative income tax that calculates the taxes owed as follows: taxes owed equal 30% of income less 12,000 . A family that earns an income of $60,000 will

Real GDP is $700 billion, average hours worked per week is 42 and aggregate hours 150 billion hours. What is the economy's labor productivity?

A) $1.80 per hour B) $3.75 per hour C) $16.67 per hour D) $46.67 per hour E) $4.50 per hour

A society consists of three individuals: Sam, Tristan, and Ulyana. In terms of income and utility, Sam is currently best-off, Tristan ranks in the middle, and Ulyana is worst-off. Which of the following statements is correct?

a. Utilitarianism suggests that government policies should strive to maximize Ulyana's utility. b. Liberalism suggests that government policies should strive to increase Ulyana's utility. c. Libertarianism suggests that government policies should strive to improve Tristan's utility at the cost of Sam's utility. d. Libertarianism suggests that government policies should strive to make Sam, Tristan, and Ulyana equally well off.