A mortgage interest deduction would be considered
a. tax evasion.
b. a subsidy to the poor.
c. a deduction that benefits all members of society equally.
d. a tax loophole.
d
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A person has a comparative advantage in an activity whenever she
A) has an absolute advantage in the activity. B) can perform the activity at a lower opportunity cost than another person can. C) can do the activity in less time than anyone else. D) can do everything better than anyone else.
The establishment of GATT resulted in
a. lower tariff rates b. increased tariff rates c. decreases in total world trade d. increased protectionism e. a rise in the price of imports
Comparative advantage refers to the ability to produce output with fewer resources than any other country.
Answer the following statement true (T) or false (F)
When Apple put together a set of mobile apps with its iPhone, it was practicing
A) a loss leader. B) tie-in sales. C) bundling. D) compacting.