One reason governments impose taxes is to ________
A) reduce the number of transactions in an economy
B) redistribute funds via transfer payments
C) increase competition among producers
D) increase the volume of exports
B
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The __________ is a regulator of financial markets?
A) U.S. Treasury B) SEC C) FDIC D) NCUA
If an economy increases the amount of roundabout production today,
a. more consumer goods can be produced in the present b. fewer consumer goods can be produced in the future c. more capital accumulates d. less capital accumulates e. fewer capital goods can be produced in the future
"The minimum wage should be increased so that low-income workers can afford to feed their families." This is an example of: a. a positive economic statement
b. a negative economic statement. c. the fallacy of composition. d. a normative economic statement.
Which of the following is true of exchange?
A) Exchange permits trading partners to expand their total output of goods and services as the result of greater specialization in areas where each has a comparative advantage. B) The total output that trading partners are able to produce is not influenced by whether they trade with each other. C) Exchange is a zero sum activity; if one party gains, the other must lose an equal amount. D) The exchange value of a good is determined by the cost of the resources required to produce the good.