The past two decades has seen a steady increase in the share of total taxes paid by high-income groups
a. True b. False
a
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Which of the following is not an example of an incomes policy?
a. Presidential jawboning. b. Unemployment insurance. c. Wage and price guidelines. d. Wage and price controls.
Suppose that in a free market 2,000 patients purchase an operation to receive an artificial heart at a price of $500,000 per operation. Without the heart, each patient will die. The government decides this price is too high and imposes a maximum price of $200,000 . Everything else equal,
a. more patients will now die. b. fewer patients will now die. c. more patients will now die only if the demand curve is vertical. d. more patients will now die only if the demand curve is horizontal.
Which of the following is characteristic of a monopoly?
A. The absence of political power B. Close substitute products C. The ability to make an economic profit in the long run D. Operating at peak efficiency
A perfectly competitive system is efficient.
Answer the following statement true (T) or false (F)