Vineyards can grow either red wine grapes or white wine grapes on their land. Which of the following would cause the supply of red wine grapes to decrease?
A) an increase in the price of white wine grapes B) an increase in the demand for red wine grapes
C) a decrease in the price of white wine grapes D) an increase in the price of red wine
A
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Refer to Figure 18.1. The United States has a comparative advantage in the production of
A) bicycles. B) hang gliders. C) both bicycles and hang gliders. D) neither bicycles nor hang gliders.
Which of the following taxes does NOT lead to a deadweight loss?
A) A proportional income tax B) A lump-sum tax C) A progressive income tax D) A proportional tax on property
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