Hello there, I need urgent help with these just 5 multiple choice Principles of Microeconomics questions, I would really appreciate it.

I’m stuck on a Economics question and need an explanation.

1) According to projections for 2017 by the Tax Policy Center, the 20 percent of U.S. taxpayers who make the highest incomes


b) pay about 92 percent of federal income taxes but only about 20 percent of Social Security and Medicare payroll taxes.

c) pay more in excise and other taxes than they pay in Social Security and Medicare payroll taxes.

d) pay about 67 percent of federal income taxes.

2) A reason why there is more competition in the restaurant industry than in the music streaming industry is that restaurants

a) unlike music streaming companies, have to abide by government sanitation rules.

b) unlike music streaming companies, do not have significant economies of scale.

c) have more elastic demand for their product compared to music streaming companies.


3) A patent

a) gives a firm the exclusive right to a new product during the product inventor’s lifetime.

b) gives a firm the exclusive right to a new product for 20 years from the date the patent application is filed with the government.


d) grants the creator of a book, film, or piece of music the exclusive right to use the creation for 20 years.

4) A CBO study estimated that the excess burden from the corporate income tax ________ of the revenues raised by the tax. This estimate would make the corporate income tax ________ imposed by the federal government.

a) equals more than 90 percent; the most inefficient tax

b) could equal more than half; one of the most inefficient taxes

c) equals less than 10 percent; one of the most efficient taxes

d) equals less than 3 percent; the most efficient tax

5) A number of economists have estimated the impact of unionization on workers’ wages. Which of the following is one conclusion reached by these studies?

a) Being in a union increases a worker’s wages by about 10 percent, holding constant other factors that influence wages.

b) Union workers earn less than they would if they were not unionized. This is because of the impact of workers’ strikes, during which union members do not receive wages.

c) Holding constant the impact of other factors that affect wages, being in a union has no impact on a worker’s wages.

d) The share of national income received by workers has increased significantly over time; unions have been responsible for about one-half of the increase in workers’ share of national income from the end of World War II to 2000.

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