Assume you pay a tax of $4,000 on a taxable income of $24,000. If your taxable income were $30,000, your tax payment would be $5,000. This suggests that the tax is:

The most important function of money is when money is used as a

A) medium of exchange. B) unit of accounting. C) standard of deferred payment. D) store of value.

A consumer maximizes total utility when all available income is spent and the

A) marginal utility from each good is equal for all goods. B) marginal utility per dollar from each good is equal for all goods. C) dollars spent on the last unit of each good are equal for all goods. D) total utility from all goods purchased is equal.