Suppose that the quantity of cars supplied exceeds the quantity of cars demanded. We would expect that
A) the price of cars will increase.
B) the price of cars will decrease.
C) the supply will increase (supply will shift to the right) to meet the demand.
D) the demand will decrease (demand will shift to the left) to meet the supply.
B
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Imports are goods and services that are produced:
A. in other countries and consumed domestically. B. domestically and consumed in other countries. C. and consumed in other countries. D. and consumed domestically.
As exemptions are raised and allowable deductions are increased, there is
A. Greater horizontal equity. B. Greater vertical inequity. C. A smaller gap between effective and nominal tax rates. D. A smaller gap between gross income and taxable income.
In the country of Freedonia, men and women have the same level of education and choose different forms of work in the same proportions. The only real difference is that men typically stay home to raise young children, returning to the work force after their children enter elementary school. If no discrimination exists, then we would expect that, on average,
a. women would earn less than men. b. women would earn more than men. c. men and women would earn the same wage. d. wage differences between men and women would be due to differences in beauty.
Sales taxes are proportional in relation to income because the same tax rate applies regardless of the size of a purchase.
Answer the following statement true (T) or false (F)