What is the immediate result of applying the Clean Air Act to a previously nonregulated industry?
A. Price increases and production is reduced.
B. Price decreases and production is enlarged.
C. Price increases and production is enlarged.
D. Price decreases and production is reduced.
Answer: A
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GDP does not count:
a. the estimated value of homemaker production. b. state and local government purchases. c. spending for new homes. d. changes in inventories.
Economic models typically assume that decision makers face constraints because of scarce resources
a. True b. False
A consumption tax that replaces an income tax
a. only taxes a household on the money it spends. b. discourages saving. c. would likely result in a lower level of saving than an income tax. d. ultimately taxes income twice - once when the household pays income tax and once when the household makes a purchase.
Individuals economize and respond predictably to
A) negative incentives, but not positive incentives. B) positive incentives, but not negative incentives. C) neither positive or negative incentives. D) both positive and negative incentives.