At the most basic level, the distinguishing characteristic of government that makes it different from private firms is its ability to
a. use coercive force against adults to modify their behavior or force them to pay for a good or service.
b. direct resources in a manner that serves the public interest rather than the private interest of individuals.
c. produce goods and services that people value.
d. escape the constraints imposed by scarcity.
A
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Which of the following is TRUE about the effects of an excise tax if consumers are totally unresponsive to price changes?
A) Consumers pay all of the excise tax. B) Producers pay all of the excise tax. C) Consumers and producers share the excise tax equally. D) Neither consumers nor producers pay the excise tax.
If (T ? G) = (X ? IM), then (S ? I)
a. is greater than zero. b. is zero. c. is less than zero. d. cannot be calculated.
The 9/11 terrorists chose their plan of attack because Select one:
a. Their actions were unaffected by economic incentives. b. It promised to produce the highest net benefits. c. They were greedy and selfish. d. The Pope and President Bush approved.
The Troubled Asset Relief Program (or TARP) called for:
A. reductions in government spending and tax increases. B. the purchase of assets and equity from troubled financial institutions. C. increases in government spending and tax cuts. D. a return to the gold standard.