Estate and gift taxes account for a very small portion of total tax revenues collected by the federal government because taxes are levied only on large estates
Indicate whether the statement is true or false
TRUE
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 100 and that it is 150 in country B.) The migration of labor will:
A. Increase wages in country A and decrease wages in country B
B. Decrease wages in country A and decrease wages in country B
C. Decrease wages in country A and increase wages in country B
D. Increase wages in country A and increase wages in country B
Assume the market in the graph shown with demand D and supply S1 is in equilibrium at a quantity of 5 units. Total surplus is:
A. $5.
B. $15.
C. $12.50.
D. $60.
A tradesman who purchases diamonds in a country where the price is low and sells them in another country where the price is high, can be said to be practicing:
a. arbitrage. b. speculation. c. derivatives trading. d. forecasting.
The mechanism of supply and demand is
a. a fundamental tool in both microeconomics and macroeconomics. b. the only real "law" of economics. c. a fundamental tool only in microeconomics. d. a fundamental tool only in macroeconomics.