Individuals conscripted into military service _____
a. are forced to work for less than the market wage
b. bear a heavy tax burden
c. are not necessarily those with a comparative advantage in being a soldier
d. all of the above
d
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If for a given year nominal GDP is $2000 billion and real GDP is $1500 billion, then the GDP price index is
A) 100. B) 1.33. C) 750. D) 0.75. E) 133.
Explain the problems that necessitate insurance management, and three methods insurance companies use to address these problems. Identify the problem that each practice addresses
What will be an ideal response?
If the government wants to raise tax revenue and shift most of the tax burden to the sellers, it would impose a tax on a good with a:
a. steep (inelastic) demand curve and steep (inelastic) demand curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. flat (elastic) demand curve and a steep (inelastic) supply curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.
If mutual interdependence among firms is present, each profit-maximizing firm in the market
a. produces a product that must be identical to the products of its rivals. b. must consider the reactions of its rivals when it determines its price policy. c. faces a perfectly elastic demand curve for its product. d. faces a perfectly inelastic demand curve for its product.