Income taxes tend to be favored over sales taxes _____
a. because of the excess burden on income taxes
b. on the benefit principle
c. on equity grounds
d. as long as income as defined using the Haig-Simons definition
c
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In the long run, what is the most important factor to shift the aggregate supply curve?
a. Input prices b. Output prices c. Productivity growth d. Wage growth
Suppose an MP3 player sells for $75 in the United States and 50 pounds in Britain. Which exchange rate is consistent with purchasing power parity?
a) 1.50 pounds for $1. b) 1 pound for $1.50. c) 3 pounds for $1. d) 1 pound for $1.
Refer to Figure 6-5. The section of the demand curve labeled "A" represents
A) the inelastic section of the demand curve. B) the unit-elastic section of the demand curve. C) the perfectly elastic section of the demand curve. D) the elastic section of the demand curve.
Most less-developed countries are characterized by
a. inadequate manpower b. a high proportion of the population under the age of 15 c. unfertile and uncultivable land d. an extensive infrastructure e. low total productivity but high per capita productivity