Deadweight losses and administrative burdens are key factors considered when determining the efficiency of the tax system
a. True
b. False
Indicate whether the statement is true or false
True
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The federal funds interest rate
a. can be raised or lowered by the Federal Reserve to regulate the volume of loans to banks. b. is administered by the Open Market Committee. c. increases when the fed conducts open market purchases. d. is set by Congress. e. none of the above.
If the bidders at a first-price auction have true values of $78, $72, $66, and $65, the item will sell for
a. Just above $78 b. just over $72 c. $78 d. $72
If the price for a good was $5 and the government wanted the price to be $10, it would impose a $5 price floor
Indicate whether the statement is true or false
Absolute advantage is the ability to produce:
A. more of a good at a lower cost. B. more of a good than others with a given amount of resources. C. a good or service at a lower opportunity cost than others can. D. relatively more than any other good with a given amount of resources.