The U.S. income tax system is progressive
a. True
b. False
Indicate whether the statement is true or false
True
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If a production process creates positive externalities, a competitive market produces too few positive externalities because the producer
A) does not pay all the costs of the externalities. B) does not receive compensation for the externalities. C) Both A and B. D) None of the above.
You are considering staying in college another semester so that you can complete a major in economics. In deciding whether or not to stay you should
a. compare the total cost of your education to the total benefits of your education. b. compare the total cost of your education to the benefits of staying one more semester. c. compare the cost of staying one more semester to the benefits of staying one more semester. d. compare the total benefits of your education to the cost of staying one more semester.
The main criticism leveled at the rational expectations school of economic thought is that
A. they assume too much influence due to monopoly power. B. they just go too far in ascribing rationality to the general population. C. the assumption that the velocity of circulation is predictable in the short run is not borne out by the facts. D. the assumption that labor union contracts create a rigid wage structure is unrealistic.
In order to increase the supply of a good, producers must
A. see an increase in quantity supplied by competitors. B. reduce their per-unit costs of producing the good. C. convince consumers to reduce the quantity demanded. D. cut back on labor to reduce production costs.