Suppose the equilibrium quantity of ethanol has decreased. Which of the following could have caused this change?
A) a decrease in demand
B) an increase in supply
C) an increase in quantity demanded
D) an increase in quantity supplied
A
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Economic progress is best measured by
A. the growth rate of prices over time. B. the growth rate of GDP per capita. C. the amount of working time needed for an individual worker to afford certain goods and services. D. the annual growth rate in the population.
The Laffer curve illustrates that
A) high tax rates could lead to lower tax revenues if economic activity is severely discouraged. B) lowering tax rates will always decrease tax revenues. C) lowering tax rates will always increase tax revenues. D) high tax rates would increase tax revenue and increase the labor supply as people work harder to maintain their standard of living.
The breakeven income level can be found by multiplying the income floor by the marginal tax rate and then adding disregarded income
Indicate whether the statement is true or false
Production possibilities curves:
A) illustrate the production choices available to an economy. B) assume full employment but not maximum efficiency. C) assume maximum efficiency but not full employment. D) are used to illustrate the law of decreasing opportunity costs.