In a perfectly competitive market, the driving force behind long-run economic change is
a. government intervention
b. employment
c. economic profit or loss
d. management
e. altruism
C
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A major difference between tax systems in developing and developed country is that
a. developing countries rely on direct taxes, and developed countries rely on indirect taxes b. developing countries rely on indirect taxes and developed countries rely on direct taxes c. developing countries rely on domestic taxes and developed countries rely on taxes on foreign trade d. developing countries rely on ‘forced saving' and developed countries tax saving directly e. there are no significant differences
Using income tax revenue to fund the welfare system illustrates the conflict between efficiency and equality
a. True b. False Indicate whether the statement is true or false
Rent-control laws dictate
a. the exact rent that landlords must charge tenants. b. a maximum rent that landlords may charge tenants. c. a minimum rent that landlords may charge tenants. d. both a minimum rent and a maximum rent that landlords may charge tenants.
Give an example that is not in the text of how price can become indeterminate.
What will be an ideal response?