Which one of these people said this? "The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest amount of hissing."
A. John Maynard Keynes
B. Milton Friedman
C. Karl Marx
D. Jean Baptiste Colbert
D. Jean Baptiste Colbert
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In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $30,000; $30,000 B. $24,000; $24,000 C. $30,000; $24,000 D. $24,000; $30,000
Under a flexible exchange rate system, there is no need for foreign exchange reserves.
Answer the following statement true (T) or false (F)
Which of the following is NOT a characteristic of a perfectly competitive market?
A. It is difficult for a firm to enter or leave the market. B. The products sold by the firms in the market are homogeneous. C. Each firm is a price taker. D. There are many buyers and sellers in the market.
Assuming migration is unimpeded and costless, which of the following statements is most accurate about the effect of immigration on wages in both the origin and destination nations?
A. Wages will rise in the origin nation and fall in the destination nation, and overall wage income must rise. B. Wages will rise in both nations, and overall wage income must rise. C. Wages will rise in the origin nation and fall in the destination nation, and the wage changes must cancel each other, resulting in no net change in overall wage income. D. Wages will rise in the origin nation and fall in the destination nation, but the effect on overall wage income depends on the elasticities of labor demand.