Governments may exercise moral judgment in levying taxes. Items that are typically excluded include the following, except
a. milk
b. bread
c. cigarettes
d. medicine
e. books
C
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The infant-industry argument for tariff protection is that tariffs should be imposed to protect from competition
A) industries that are essential if a country is to become an industrial nation. B) industries needed for national defense. C) industries that cannot compete with foreign competitors at this point in time, but will be able to once they gain some size and experience. D) industries that can compete with foreign competitors at this point in time and are deemed essential by the government.
When a market is in surplus, there is pressure for the price to move upward
a. True b. False Indicate whether the statement is true or false
Refer to the following figure. The price of capital is $50 per unit:
What is the marginal rate of technical substitution at each cost minimizing equilibrium point?
A. 0.40 B. 2.00 C. 2.50 D. 0.80 E. impossible to tell without marginal products
The multiplier means that the response to monetary policy is completed immediately.
Answer the following statement true (T) or false (F)