Which of the following is an example of a pure market economy?
a. ?United States
b. ?Switzerland
c. ?Singapore
d. ?No nation has a pure market economy
Ans: d. ?No nation has a pure market economy
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Discretionary fiscal policy to stimulate the economy includes ________
A. lowering the tax rate paid by households with middle incomes B. raising the tax on gasoline C. the fall in tax revenue as the economy goes into recession D. the rise in tax revenue collected from businesses as their profits in-crease
A firm has an incentive to decrease supply now and increase supply in the future if it expects that
A) the price of its product will be lower in the future than it is today. B) more firms will enter the market in the future. C) the price of its product will be higher in the future than it is today. D) the prices of inputs used to produce the product will rise in the future.
A consequence of a negative externality is that social costs __________ private costs, and the efficient level of output __________.
A. equal; does not require any type of government intervention B. are less than; requires the government to create a subsidy C. are greater than; requires the government to impose a tax D. are greater than; requires the government to create a subsidy E. are less than; requires the government to impose a tax
A major source of revenues for state and local governments is _____
a. income taxes b. payroll taxes c. intergovernmental revenues d. estate taxation