Market failure results in
A. Pareto efficiency.
B. no goods being produced.
C. economic collapse.
D. lost surplus.
Answer: D
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In the United States, the federal income tax is an example of a
A) progressive tax. B) regressive tax. C) flat tax. D) proportional tax.
The marginal propensity to save is
A. change in real consumption/change in real disposable income. B. change in real saving/change in real disposable income. C. real saving/real disposable income. D. real consumption/real disposable income.
If the Fed sells government securities, other interest rates ________ and then exchange rate ________
A) rise; does not change B) fall; falls C) do not change; rises D) rise; falls E) rise; rises
Behavioral economists use which technique to test economic theory?
A) controlled experiments B) price theory C) environmental economics D) lie detector tests