The federal government never has to pay off the national debt
a. True
b. False
Indicate whether the statement is true or false
True
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Being a member of a cartel is similar to being in a Prisoner's Dilemma situation because
a. each firm is being held hostage by the decisions of the other firms. b. of anti-trust laws which make price fixing a criminal offense. c. to obtain the best possible outcome for all, an enforcement mechanism is needed. d. of the presence of organized crime in industries with cartels.
A firm in monopolistic competition can determine what price to charge for its product because of
A) barriers to entry. B) economies of scale. C) product differentiation. D) the fact there are many buyers.
Assume a family that earns $20,000 pays $2,000 in income taxes, while a family that earns $40,000 pays $3,500 in income taxes. In this situation, the income tax system is
A) progressive. B) regressive. C) proportional. D) one of the above but we cannot tell which one without more information.
If a 1 percent increase in price leads to a .7 percent increase in quantity supplied, the short-run supply curve is:
a. elastic. b. inelastic. c. unit elastic. d. perfectly inelastic.