An advantage of capitalism is that
a. It allows the market to self-regulate and clear itself
b. It allows a person to follow his or her own self interest
c. It allows voluntary transactions, which create wealth
d. All of the above
d
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What happens typically to a budget deficit during a recession?
A. It increases because of tax changes. B. It decreases because of spending decreases. C. It decreases automatically. D. It increases automatically.
Price-fixing by firms in an oligopoly is:
A. more likely when the firms play a game repeatedly. B. more likely when firms must commit to a single pricing strategy for the lifetime of the firm. C. more likely when neither firm chooses the low-price guarantee strategy. D. never sustainable because firms have an incentive to underprice each other.
A unit tax
A. is based on the value of the good being sold. B. does not influence equilibrium price and quantity. C. is a constant tax assessed on each unit of a good sold. D. is the primary tax studied in dynamic tax analysis.
To be a member of the Internal Monetary Fund a nation must deposit funds based on
A. the need to loan money to developing nations. B. its national income. C. rules set up by the World Bank. D. the amount of funds it wants to deposit.