The set of items that serve as media of exchange clearly includes
a. balances that lie behind debit cards.
b. demand deposits.
c. other checkable deposits.
d. All of the above are correct.
d
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If an import-competing firm is imperfectly competitive, then under free trade an export tariff will ________ domestic market price, ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic
national welfare. A) increase; have no effect on; decrease; increase; decrease B) decrease; decrease; increase; decrease; have no effect on C) increase; have no effect on; increase; decrease; increase D) decrease; increase; decrease; increase; decrease E) have no effect on; have no effect on; decrease; increase; decrease
Countercyclical fiscal policy has a serious problem with
a. overshooting the desired impact by a factor of 10. b. the irreversibility of actions. c. the tendency of the Federal Reserve to immediately counter Congressional action. d. the courts as it has been held to be unconstitutional. e. overshooting the desired impact by a factor of 3.
The term "scarcity" in economics can refer to the fact that:
A. even in the richest country some people go hungry. B. no country can produce enough products to satisfy everybody's economic wants. C. it is impossible to produce too much of any particular good or service in a market economy. D. economic wants are limited and resources are abused.
The average tax rate is:
A. change in taxes/change in taxable income. B. total taxes/total taxable income. C. the sum of the marginal tax rate and the rate of transfer payments. D. the tax on incremental income less the tax on total income.