An individual should specialize in the production of a good for which he/she has a
A. conditional advantage.
B. general advantage.
C. comparative advantage.
D. determined advantage.
Answer: C
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
People take fewer trips by airplane when their incomes fall because of a recession. Trips by airplane must be
A) a normal good. B) an inferior good. C) a substitute for other goods. D) a complement to other goods. E) an inelastic good.
In the 1980s, marginal tax rates on high income taxpayers fell from 70 to 28 percent. Tax revenues coming from the top 1 percent of income earners _____
a. fell as a percentage of income b. fell in total, but not as a percentage of income taxes paid by all taxpayers c. fell compared to middle-class taxpayers d. increased as a percentage of income taxes paid by all taxpayers
Describe the advantages that a negative income tax has over other programs that have the same purpose