An example of a good that is not rival in consumption is:
A. a sports car.
B. a paper clip.
C. bottled water.
D. electricity.
D. electricity.
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Exemptions are better off for the taxpayer than deductions _____
a. only in the case of housing-related tax preferences b. when itemizing deductions c. when taking the standard deduction d. for high-income taxpayers
In the medium run, an increase in government spending that causes an increase in the budget deficit
A) affects the level of output but not its composition. B) affects both the level and composition of output. C) will not affect the composition of output but will affect the price level. D) is neutral. E) none of the above
The Ricardian Equivalence proposition suggests that a tax increase that causes a budget surplus will
A) cause an increase in output. B) cause no change in output. C) cause a reduction in output. D) a reduction in consumption.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3. B. -3/4. C. -1.5. D. -20.