Emissions permits might be called an allowance.
Answer the following statement true (T) or false (F)
True
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Relative to free trade, when a tariff is imposed in a market for an imported good,
A) the consumer surplus in that market increases. B) the producer surplus in that market decreases. C) the total surplus in that market decreases. D) tariff revenue decreases. E) deadweight loss decreases.
If two households have the same disposable income in the current year, the household with the
A) higher expected future income will consume a larger portion of its current income today. B) lower expected future income will consume more today while it has the money. C) lower expected future income will spend a larger portion of its current income on consumption today because it will increase its saving in the future. D) none of the above
If the elasticity of supply of labor is low and the elasticity of demand for labor is high, then workers pay most of the Social Security tax levied on labor
Indicate whether the statement is true or false
When the Federal Reserve was unable to stem the bank panics of the 1960s, Congress responded by:
A. creating the FDIC and offering deposit insurance. B. declaring a bank holiday and closing banks for 30 days. C. ordering the printing of tens of billions of dollars of additional currency. D. taking over the lender of last resort function and assigning this function to the U.S. Treasury.