Many economists believe that tax cuts increase incentives to work and invest but current U.S. tax levels do not appear to be on the downward side of the Laffer curve
a. True
b. False
Indicate whether the statement is true or false
True
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Using Figure 10.1 above is it possible to determine the price that this product is selling for if it is being sold in a competitive market? If so what is that price?
What will be an ideal response?
Perfectly competitive markets are not the most efficient type
a. True b. False Indicate whether the statement is true or false
Legislation to protect red-cockaded woodpeckers by making their trees off limits to loggers created incentives that resulted in the premature harvesting of trees the woodpeckers like to nest in. This is an example of which of the following?
a. Association or correlation is not causation. b. the fallacy of composition. c. the use of ceteris paribus conditions in economic analysis. d. Good intentions do not always lead to desirable outcomes; the problem of secondary effects.
What are the two important programs in practice in America that strongly resemble a negative income tax?
What will be an ideal response?