What is the relationship between total taxes and net taxes?
a. total taxes = net taxes ? transfer payments
b. net taxes = total taxes + local taxes
c. net taxes = transfer payments / total taxes
d. total taxes = net taxes - transfer payments
e. total taxes = net taxes + transfer payments
E
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Which of the following is TRUE when a budget deficit exists?
A) Dissaving exists. B) Tax revenues exceed government expenditures. C) A trade surplus exists. D) Government expenditures exceed tax revenues.
If the long-run supply curve slopes upward, we know that this is
A) a decreasing-cost industry. B) a constant-cost industry. C) an increasing-cost industry. D) a situation in which no input prices change as firms enter and exit the industry.
Which is the most accurate statement?
A. Most strikes cause no economic disruption. B. The job of a mediator is to impose a settlement. C. Collective bargaining negotiations occasionally end with a strike. D. The firm with the least ability to withstand a strike would be a manufacturing firm.
What are the two characteristics that differentiate private goods from public goods?
A. marginal cost and marginal benefit B. negative externality and positive externality C. ownership and usage D. rivalry and excludability