While regressive taxes are considered inequitable, cigarette taxation is popular because _____
a. it is a sumptuary tax
b. it mainly hurts tobacco farmers in a few Southern states
c. in a lifetime sense it is a progressive tax
d. people are inconsistent
a
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In the long run, a firm will exit an industry if the market price is less than its
a. break-even price. b. shutdown price. c. marginal cost. d. fixed cost.
The Prisoner's Dilemma involves two spies who are held in separate soundproof rooms. But even if the two spies could communicate, what makes it difficult for them to achieve the cooperative solution (both not confessing)?
a. The problem is their lack of information. b. The problem is that it is a nonzero sum game. c. The problem is that both spies have incentives to double cross each other. d. The problem is that all the outcomes are not particularly good for either player.
How do you think each of the following would affect the unemployment rate?
a. The Fed increases the money supply and engineers an unexpected increase in the rate of inflation from 2 percent to 5 percent. b. The rate of inflation remains stable at 2 percent over a five-year period, as expected. c. There is an unexpected decrease in the rate of inflation from 10 percent to 3 percent.
An increase in unemployment will cause this year's production possibilities curve to shift inward toward the origin
Indicate whether the statement is true or false