One tax system is less efficient than another if it
a. places a lower tax burden on lower-income families than on higher-income families.
b. places a higher tax burden on lower-income families than on higher-income families.
c. raises the same amount of revenue at a higher cost to taxpayers.
d. raises less revenue at a lower cost to taxpayers.
c
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A survey of professional economists revealed that more than three-fourths of them agreed with a number of statements, including which of the following?
a. Tariffs and import quotas usually reduce general economic welfare. b. A large federal budget deficit has an adverse effect on the economy. c. Minimum wage increases unemployment among young and unskilled workers. d. All of the above are correct.
A lighthouse that serves a dangerous coastal area is built. The lighthouse cost $1 million to build and serves 100 ships a month. If the shipping in the area increases so that 200 ships pass by a month, the increase in additional costs of providing the
light to these new ships is A) $1 million. B) $100,000. C) $5,000. D) $0.