The regular pattern of income variation over a person's life is called the
a. earned income cycle.
b. substitution effect.
c. life cycle.
d. pattern of change.
c
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The price elasticity of demand for corn is 0.4. A new hybrid of corn is discovered and all farmers start to use it, which increases the quantity of corn they can produce from each acre. What happens to the farmers' total revenue?
A) The total revenue will increase. B) The total revenue will decrease. C) The total revenue will not change. D) There is not enough information to determine what happens to the total revenue.
The U.S. federal government obtains most of its revenues through taxes from three sources. Which of the following is not one of those three main sources of federal revenue?
A) corporate income taxes B) social insurance taxes C) sales and excise taxes D) individual income taxes