Results of Laboratory Experiments with Adults (Bower & Hilgard,1981)suggest the One

question 53

Multiple Choice

Results of laboratory experiments with adults (Bower & Hilgard,1981) suggest the one reason why threats of punishment do not seem to deter violent crime in the "real world" is that in the criminal justice system,punishment is

• A)seen as unavoidable.
• B)seldom swift or certain.
• C)seldom administered fairly.
• D)seldom severe enough.
• E)excessively harsh.

Explain the benefits principle of taxation and its application.

Understand the historical trends in government revenue as a percentage of GDP in the U.S.

Identify and explain the largest categories of expenditures for state and local governments.

Analyze the impact of taxes on market activities and calculate the deadweight loss resulting from taxation.

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Definitions:

Economic Profit

The difference between the total revenue received by a business and the total implicit and explicit costs of a business.

ATC

Average Total Cost, which is the sum of all production costs divided by the quantity of output produced.

Economic Profits

Profits exceeding the opportunity costs of a company; considered an indicator of efficiency and entrepreneurship.

Average Total Cost

The total cost of production divided by the total quantity of goods produced, representing the cost per unit.