Recall the Application. The idea regarding the relationship between tax rates and tax revenues proposed by Yu Juo is very similar to the idea proposed by economist
A) Arthur Laffer. B) Adam Smith. C) Ben Bernanke. D) David Ricardo.
A
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The Fed's open market operations involve
a. buying and selling of government bonds b. changes of the discount rate c. setting the required reserve ratio d. buying and selling corporate bonds e. a policy of last resort used to avert a financial crisis
Market structures are defined by all of the following except the
a. number of firms b. level of prices c. ease with which new firms can enter d. presence of substitute goods e. existence of barriers to entry
Which of the following is a partially valid economic argument for restricting free trade?
a. Restrictions on foreign trade will increase employment and permanently reduce unemployment. b. Removal of restrictions that have existed for years will initially cause inflation. c. Infant industries need permanent protection to develop and gain productive efficiency. d. A nation needs to protect industries that are vital to national defense in case of future international conflict.
Sierra likes chocolate-covered deviled eggs. After eating 10 chocolate-covered deviled eggs, she switches to strawberry ice cream covered in sauerkraut. We can conclude that
A. Sierra is minimizing her utility. B. at this point, the chocolate-covered deviled eggs have a lower marginal utility per dollar spent than that of strawberry ice cream covered in sauerkraut. C. the chocolate-covered deviled eggs made Sierra sick. D. the chocolate-covered deviled eggs now have a negative marginal utility.