The biggest advantage of capitalism is that
a. It generates wealth with the help of government intervention
b. Prices hinder in moving assets from high-value to low-value uses
c. It forces involuntary exchanges
d. It creates wealth by letting a person follow his or her own self-interest
d
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Refer to the Article Summary. How would the NFL know if it was operating on the elastic portion of the demand curve for Super Bowl tickets?
A) If they decreased ticket prices and the total revenue from ticket sales did not change. B) If they increased ticket prices and the total revenue from ticket sales decreased. C) If they increased ticket prices and the total revenue from ticket sales increased. D) If they increased ticket prices and the total revenue from ticket sales did not change.
If the price of business broadband is greater than that of residential broadband, all else equal,
A) business has greater price elasticity than residential. B) residential has greater price elasticity than business. C) both have positive income elasticity. D) generally speaking, broadband is equally priced.
Which of the following can be classified as a regressive tax?
a. Federal corporate income tax. b. Federal personal income tax. c. Federal gasoline tax. d. All of these.
You purchased an automobile two years ago for $10,000 . Its current market price is $5,000 . and the expected market value one year from now is $4,500 . If the interest rate is 10 percent, how much will it cost you to keep the car for an additional year (over and above operation and maintenance costs)?
a. $500 b. $1,000 c. $1,500 d. $5,000