In evaluating tax policy it is important to view tax policy as being designed by a benevolent overseer
a. True b. False
b
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Which of the following is an appropriate policy for the Fed to pursue if it wants to increase the money supply?
A) lower taxes B) raise the reserve requirement C) buy U.S. Treasury bills D) raise the discount rate
Minimum-wage laws can keep wages
a. above equilibrium and cause a surplus of labor. b. above equilibrium and cause a shortage of labor. c. below equilibrium and cause a surplus of labor. d. below equilibrium and cause a shortage of labor.
Total profit is maximized at the output level at which the:
A. area between the total revenue and total cost curves is greatest. B. vertical distance between the total revenue and total cost curves is minimized. C. total cost and total revenue curves intersect. D. vertical distance between the total revenue curve and the total cost curve is maximized.
Scarcity is the most basic concept in economics.
Answer the following statement(s) true (T) or false (F)