An efficient tax system should have
a. horizontal equity
b. a broad base
c. a small number of rates, or brackets
d. few exemptions
e. all of the above
E
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Economies of scale and limited demand can form a natural barrier to entry that can create a natural oligopoly
Indicate whether the statement is true or false
Assume that no banks hold excess reserves, and the public holds no currency. If a bank sells a $100 security to the Fed, explain what happens to this bank and two additional steps in the deposit expansion process, assuming a 10% reserve requirement
How much do deposits and loans increase for the banking system when the process is completed?
The costs of labor and land used to produce a product is
A) administrative costs. B) costs of goods sold. C) net profit plus the cost of capital. D) none of these choices.
If price of a product falls
A. the budget line rotates to the right. B. the budget line rotates to the left. C. the marginal utility of the product also falls. D. the indifference curve will shift to the left.