Which of the following is most consistent with the benefits principle?
A. Charging taxes to the people who use the funded services
B. Taxes that account for a person’s ability to pay
C. Excise taxes on imported aluminum
D. Sales taxes on cigarettes
Answer: A
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A student who just graduated from college during an economic expansion but has yet to find a job would most likely be
A) structurally unemployed. B) frictionally unemployed. C) cyclically unemployed. D) seasonally unemployed.
(Advanced analysis) Answer the question on the basis of the following information. The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. Refer to the given information. If demand changed from P =
10 - .2Q to P = 7 - .3Q, we can conclude that: A. demand has increased. B. demand has decreased. C. supply will increase. D. supply will decrease.
A production point that lies outside the Production Possibilities Curve (PPC)
A. can never be reached, even in future periods. B. is currently not attainable. C. indicates unemployment. D. denotes inefficiency.
If the price of a good increases and the total revenue also increases, the good has a(n)
A) elastic demand. B) inelastic demand. C) unit elastic demand. D) perfectly elastic demand.