Economists use the term "marginal" to describe costs and benefits
a. that are minimal and hardly worth noting.
b. that are incremental and thus relevant to decision making.
c. that are noteworthy but not the most important.
d. whose importance can be minimized through hard work.
e. none of the above.
B
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Recent income distribution figures in the United States show
A) slightly more inequality. B) less inequality. C) greater equity. D) less equity.
Which of the following ideas is the most plausible?
a. Reducing a high tax rate is less likely to increase tax revenue than is reducing a low tax rate. b. Reducing a high tax rate is more likely to increase tax revenue than is reducing a low tax rate. c. Reducing a high tax rate will have the same effect on tax revenue as reducing a low tax rate. d. Reducing a tax rate can never increase tax revenue.