The governement's budget constant shows that a government has ______ way(s) to finance a budget deficit, these ways are
Fill in the blank(s) with the appropriate word(s).
Answer: two; borrowing by issuing (selling) bonds or printing money.
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When the snob effect exists, a change in price is likely to
A) change total revenue less than if there were no network externalities. B) change total revenue more than if there were no network externalities. C) change total revenue the same amount as if there were no network externalities. D) not change total revenue at all.
Consumer surplus is
A) the total difference between the total amount that consumers actually pay for an item and the total amount that they would have been willing to pay. B) the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item. C) the total difference between the total amount that consumers would have been willing to pay for an item and the total amount that they actually pay. D) the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item.
If we compare income percentages of total income of the lowest quintile in 1968 with 2008, we would find that it was
A. rising. B. staying about the same. C. falling.
The single-tax movement, headed by Henry George, refers to the idea that
A. taxes on rent are less costly to administer than other taxes. B. rent is a surplus that can be taxed without distorting resource allocation. C. rent should not be taxed because it is a free gift of nature. D. rent is based on a derived demand and should not be taxed.