The U.S. tariff law that set off an international trade war in the 1930s was the
A. Bentsen-Gephardt tariff.
B. Smoot-Hawley tariff.
C. Landrum-Griffin tariff.
D. Taft-Hartley tariff.
Answer: B
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If taxes are $2,000 when income is $15,000 and they are $3,000 when income is $19,000, then the marginal tax rate is
A. 20%. B. 30%. C. 25%. D. 40%.
The textbook presents the movement of rush-hour traffic as an example of social
A) chaos. B) competition. C) conflict. D) confusion. E) cooperation.
This chapter introduces the idea of opportunity cost
a. What is meant by opportunity cost? How are the opportunity costs of various choices compared? b. What is the opportunity cost of taking a year after graduating from high school and backpacking across Europe? Are people who do so being irrational?
What do economists mean when they say there is "market failure"?
A. Markets have surpluses or shortages so that government rationing is necessary. B. Free markets have led to excessive profits. C. Business has introduced a product that consumers do not want. D. Free markets yield results that economists do not consider socially optimal.