A tax on consumption for those who are nonsavers
A. is equivalent to a tax on income.
B. causes income gains to increase dramatically.
C. would be preferred to a tax on wealth.
D. makes it difficult to tell what the result for the nonsavers would be.
A. is equivalent to a tax on income.
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Suppose purchasing power parity exists in the car stereo market in the United States and Australia. If a car stereo costs $230 in the United States and the exchange rate is $1 = $AUD1.67, the same car stereo may be purchased in Australia for approximately:
a. $AUD 138. b. $AUD 230. c. $AUD 2,300. d. $AUD 384. e. $AUD 108.
If in some range of production average cost is falling, the firm is experiencing
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output.
The Federal Reserve System
A) is the central bank of the United States. B) controls the money supply. C) is the lender of last resort. D) handles the sale of U.S. Treasury securities. E) all of the above
Which of the following is NOT a characteristic of pure monopoly?
A) many sellers B) considerable price setting ability C) restricted ability to enter market D) long-run economic profits are possible