Throughout U.S. history, inflation has been highest
A. right before a recession.
B. during periods of war.
C. during Republican administrations.
D. right after a recession.
Answer: B
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When other nations Orient “dump” products on the U.S. market, they
A. sell at prices that do not cover costs of production. B. sell at prices lower than prices charged to their own domestic customers. C. expect the United States to help pay any industrialists’ losses. D. All of the above are true.
In a marketplace, prices:
A) act as a measure of value, and do not affect the allocation of resources. B) act as incentives that allow for the efficient allocation of resources. C) are determined by politicians and regulators. D) are determined through auctions.
The personal income tax is based on the benefits-received principle of taxation
a. True b. False
The allocative function of price is to:
A. direct resources away from markets that are overcrowded and toward markets that are underserved. B. provide subsidies to low-income families so they can purchase essential goods and services. C. ensure that firms in perfectly competitive markets earn an economic profit. D. distribute scarce goods and services to those consumers who value them the most highly.