A regulation that specifies the maximum amount of a good or service that may be imported during a specified period of time is a:
A) quota.
B) tariff.
C) nontariff barrier.
D) export quota.
Ans: A) quota.
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The majority of spending in the category of government purchases comes from
A) transfer payments. B) the federal government. C) state and local governments. D) military spending.
Recently the governor of Vermont proposed that cigarette taxes in Vermont should be increased substantially, from 44 cents a pack to 66 cents a pack. He estimates that Vermont can raise $20 million in revenue from this tax hike
He also pointed out that the neighboring state of New Hampshire was considering an increase in cigarette taxes. a. How can it be that an increase in cigarette taxes will increase tax revenue, because, after all, a higher tax will increase cigarette prices and thereby decrease the quantity demanded? b. If New Hampshire chooses not to increase cigarette taxes, is it likely that Vermont can still raise $20 million in tax revenue? Why or why not? Explain
Refer to the table above. What is the total cost incurred per month if Ryan rents Apartment 5?
A) $2,150 B) $2,270 C) $2,400 D) $2,265
You have just won a cash award of $500 for academic excellence
A) The substitution effect of this award will be larger than its income effect. B) The income effect of this award will be larger than its substitution effect. C) The substitution and income effects will be of identical size. D) It is impossible to know whether the substitution effect is larger than the income effect or vice versa.